LME and SHFE stocks keep falling, cancellations, physical premiums and anecdotal evidence continue to point to decent levels of demand, which maintains a generally supportive fundamental backdrop for copper prices. TC/RCs are back in focus as mid-year negotiations open. The spot concentrate market remains very tight and spot TC/RCs are in negative territory. Mine supply remains problematic and beset with disruptions and shortfalls, while Chinese smelters remain aggressive buyers and continue to expand capacity, which is placing greater demand on what little material there is available in the spot market.
展开▼
