China Cu smelters cut price floor for 1Q TC/RCs

摘要

China's leading copper smelters have lowered their purchase price floor for treatment and refining charges (TC/RCs) in the first quarter of 2021 by around 8.6pc from the previous quarter, following a meeting in Shanghai earlier today. The first-quarter 2021 purchase price floor has been agreed at $53/t and 5.3￠/Ib by 12 major Chinese copper smelters, down from $58/t and 5.8￠/Ib in the fourth quarter of 2020. But the first-quarter level is still higher than recent spot trades done at around the mid-high $40s/t and 4s￠/Ib, as demand is expected to ease during the holiday period, particularly around the lunar new year holiday in mid-Febru- ary.