Copper concs TCs drop marginally on traders purchase; Cobre Panama’s fresh supply hits market

摘要

Treatment charges (TCs) on copper concentrates are marginally lower this week because of further aggressive bids from traders on third-quarter tonnages despite fresh spot supply from the Cobre Panama greenfield project. Fastmarkets’ Asia-Pacific TC/RC index dropped to $52.4 per tonne/5.24 cents per lb on Friday June 28, its lowest since the index was launched in June 2013. It was $53.5 per tonne/5.35 cents per lb a week ago. Downward momentum in the market partly stems from trading companies picking up tonnages from an ever-expanding spot market. As well, some miners are delivering minimal tonnages against their benchmark-related frame contracts in the hope that they will have units available to sell at what are now ultra-low spot terms. Atlas Mining’s Carmen concentrates tender for July and August delivery was reportedly awarded to a trader in the high-$30s/low $40s, which would be a low for this year.