Copper concentrates treatment and refining charges (TC/RCs) continued to edge down in the second week of May due to traders snapping up tender tonnages at low numbers, while smelters became hesitant in spot purchases.
Fastmarkets' Asia-Pacific TC/RC index dipped to $59.10 per tonne/5.91 cents per lb on Friday May 17, compared with $59.60 per tonne/5.96 cents per lb a week ago. The benchmark copper concentrate index is now at the lowest since the index was launched in 2013. Two August- and December-delivery parcels of Los Pelambres concentrates, each of 10,000 tonnes, were awarded to a trader at the high $40s while tonnages for the first quarter of next year went in the low $40s. Some parcels from Phu Kham's 60,000-tonne tender from earlier in May were also sold slightly below $50 per tonne to traders. "The numbers are low but they don't surprise me anymore," a trader source said. Earlier...