Refining charges for imported blister copper went down in China in September because of unusually tight availability in the spot market, with only minimal volumes coming from Zambian producer Konkola Copper Mines (KCM) and local producers limiting their primary smelting activities due to record-low treatment charges for copper concentrates.
The refining charges (RCs) for the intermediate product of copper blister, 98-99%, RC spot, declined to $130-145 per tonne at end of September from $145-155 per tonne a month earlier.This was the lowest price since Fastmarkets started to assess it in February 2018, and was notably below the $165 per tonne benchmark level agreed between Jiangxi Copper and Chambishi for contract deliveries, signaling tightness in the spot market supply."We hardly have anything to offer on spot," a trader source...