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Copper spot TC/RCs for China fall to USD 74 to USD 86 per tonne-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
2/1/2018 Copper exhibition -non-ferrous metals expo |
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Platts reported that spot treatment and refining charges for imported copper concentrates for Chinese smelters last week fell to USD 74 to USD 86 per tonne and 7.4-8.6 cents/lb as some producers sought to restock, though overall concentrate trade has slowed as the Lunar New Year approaches.
Charges were down from USD 75 to USD 87 per tonne and 7.5-8.7 cents/lb the previous week.
Beijing-based brokerage Galaxy Futures said in its weekly copper report that judging by the current market, Chinese smelters would find it hard to bargain for clean concentrates at fees equivalent to the minimum TC/RCs of USD 87/mt and 8.7 cents/lb set for the first quarter of 2018 by China Smelters Purchase Team. Because some smelters were stocking up ahead of the Lunar New Year, spot fees have come under pressure, it said.
CSPT was set up in 2003 to negotiate TC/RCs with international copper miners. TC/RCs, fees paid to smelters by mines to convert concentrates into refined copper, are a key source of revenue for smelters.
China imported 1.65 million tonne copper ore and concentrates in December, down 1.2% year on year; in 2017 as a whole it imported 17.35 million tonne, up 2.3% year on year, data from the General Administration of Customs showed.
China is forecast to add new national mined copper supply of 134,000 tonne per year and 233,500 mt/year in 2018 and 2019, respectively, data from state-owned metals consultancy Beijing Antaike showed.
China''s mined copper demand this year is forecast at 6.15 million, up 6% from an estimated 5.8 million mt in 2017, the data showed.
-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
-Non-Ferrous Metal exhibition, 2018
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