Spot copper TC/RCs for imported copper concentrate in Chinese domestic market plummeted to $68-73/mt and 6.8-7.3 cents/lb on March 25, according to SHMET data, a low level not seen in recent years.

The charges started its declines from early January 2019, which stood at around $94/mt and 9.4 cents/lb, and accelerated from mid-January.

"A tighter spot ore market, resulting from new copper smelting capacities in China, weighed on the spot fees," said Liu Pengfei, SHMET''s senior copper analyst.

Chalco Southeast Copper put online 100,000-tpy capacity out of its 400,000-tpy new project as of March, SHMET learnt. Commissioning of new project at Guangxi Nanguo Copper, adding 300,000 mt, released more demand for raw materials.

Domestic copper smelters replenished ore inventories after the New Year holiday, Mr. Liu added, further tightening spot ore availabilities.

Also, the 2019 term TC/RCs between Jiangxi Copper and Chilean miner Antofagasta was set at $80.80/mt and 8.08 cents/lb, providing as an incentive for lower spot fees.

Chinese miner MMG said Tuesday March 26 to declare force majeure on copper contracts from its Las Bambas mine in Peru, after an over 48-day’s road blockade at the mine.

The news also fueled market fears over ore supply disruptions.

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