Spot copper concentrate treatment and refining charges (TCs/RCs) remained almost unchanged and at high levels toward the end of October, with a rapidly widening backwardation reducing the market liquidity.
Fastmarkets' assessment of the TC/RC index dipped by $1.60 per tonne/0.16 cents per lb to $87.40 per tonne/8.74 cents per lb on October 31. The previous assessment of $89.00 per tonne/8.90 cents per lb, on October 15, was a one-year high.The market is entering a seasonal lull in liquidity. After the volatile swings in spot-market terms throughout the year, most traders have balanced their books, while smelters are keen to gauge sentiment and discuss long-term contracts during the copper industry's CESCO Asia Week conference in Shanghai on November 13-16.Smelter production issues continued to limit spot demand for copper concentrates, keeping prices...