Treatment charges (TCs) on copper concentrates are marginally lower this week because of further aggressive bids from traders on third-quarter tonnages despite fresh spot supply from the Cobre Panama greenfield project.
Fastmarkets' Asia-Pacific TC/RC index dropped to $52.4 per tonne/5.24 cents per lb on Friday June 28, its lowest since the index was launched in June 2013. It was $53.5 per tonne/5.35 cents per lb a week ago. Downward momentum in the market partly stems from trading companies picking up tonnages from an ever-expanding spot market.As well, some miners are delivering minimal tonnages against their benchmark-related frame contracts in the hope that they will have units available to sell at what are now ultra-low spot terms.Atlas Mining's Carmen concentrates tender for July and August delivery was reportedly awarded to a trader in the high-$30s/low $40s, which would be a low for this year. Cobre Panama begins shipments; cargoes to hit China firstFirst Quantum has started to ship initial copper concentrates from its Cobre Panama mine this week, a production landmark since this is the only major greenfield copper mine to be...