Treatment and refining charges (TC/RCs) for copper concentrates dropped further toward the end of February, with traders in the market for tonnages at even lower levels.
The Metal Bulletin copper concentrate TC/RC index dropped to $68.80 per tonne /6.88 cents per lb from $69.50/6.95 cents a fortnight ago.Deals to Chinese market were reported as smelters there returned from the Lunar New Year holidays, but by and large the market remained quiet.Some smelters loaded up on tonnes in January or early February, and incoming maintenance schedules mean there is a reluctance to build stock with TC/RCs falling. "The market thinks there is a shortage coming ahead, and that is reflected in the TC/RC....