Spot copper concentrate treatment and refining charges fell to a four-month low in line with a lower annual TC/RC agreed between Freeport McMoRan and Tongling Nonferrous.
Freeport will supply China's largest copper smelter, Tongling, with copper concentrates at a TC/RC of $82,25 per tonne /8.225 cents per pound, 11% and around $10/1 cent lower than this year's benchmark.
Jiangxi Copper, the second-largest copper smelter in China and previously the leading representative of annual benchmark negotiations, has said it will follow the number negotiated by its fellow CSPT smelter.
Chile's Antofagasta, the other major copper miner involved in the talks, has yet to declare whether it will follow the number, having maintained its offer at...