2020 blister copper contract RCs down significantly; First Quantum, Jiangxi Copper sign at $130/t

The majority of Chinese annual blister copper supply contracts for 2020 have settled at significantly lower refining charges (RC) on expected tight supply of the intermediate product.

The bulk of 2020 blister copper 98-99% annual benchmark RC cif China supply contracts have been agreed at $125-133 per tonne. The range compares with $155-175 per tonne for 2019.
In late November last year, initial offers from producers to traders came in at as low as the $110s per tonne while offers from traders to smelters started at lows of $120s. Bids from several major Chinese smelters were above $130 per tonne.

The gap is eventually narrowed after contractual talks between China's biggest consumer, Jiangxi Copper, and Zambian producer Chambishi (CCS) concluded at $128 per tonne in mid-December - the...

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