June blister copper refining charges (RC) have dropped below the annual benchmark level on tighter spot supply following Konkola Copper Mine's (KCM) output halt as well as a rising demand due to scrap shortages.
Fastmarkets' monthly RC for 98-99% blister copper fell by $10 to $150-160 per tonne on a cif China basis on Friday June 28, the lowest since the price was launched in February 2018. The spot RC is now below the 2019 contractual benchmark set by Zambian producer Chambishi and major buyer Jiangxi Copper of $165 per tonne. Various parcels were sold in June within the range of $150-160 per tonne with limited tonnages concluded below and above the...