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Chinese Copper Smelters Hike TC/RC for Q4-2020 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
10/20/2019 - Copper exhibition -non-ferrous metals expo |
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Reuters, citing people with knowledge of the matter, reported that Chinese copper smelters have raised their fourth-quarter floor treatment and refining charges by 20% from the previous quarter. As per report, the China Smelters Purchase Team, at a meeting in Shanghai, set the treatment charge floor at USD 66 per tonne, and the refining charge floor at 6.6 cents a pound, up from USD 55 a tonne and 5.5 cents a pound in the third quarter, but still below the USD 90 a tonne and 9 cents a pound set for the fourth quarter of last year.
Copper miners pay TC/RCs to smelters to process their ore into refined metal. Higher charges indicate more abundant concentrate supply or that smelters have less need. The floor price agreed also serves as an indication of the position that smelters in China, the world’s top copper consumer, will take in negotiations on a TC/RC benchmark for 2020, used for longer-term deals.
Even as spot TC/RCs usually hike in the fourth quarter, a source at a large mining firm said he saw no fundamentals-based rationale behind the move, given recent supply disruptions and a decline in spot TC/RCs this year. He said “I don’t think they can buy a lot of tonnes of clean concentrate at that spot number.”
有色金属展-铜材展-2020年广州国际有色金属工业（铜业）展览会
-2020 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2020
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China Copper exhibition, China Copper expo
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