Spot copper concentrates trading limited as market focus shifts to mid-year supply talks

Trading in the spot copper concentrate market in Asia was sluggish in the week to Friday May 31, with smelters not actively looking for spot units, sources said

Fastmarkets calculated the weekly copper concentrate TC index, cif Asia Pacific at a discount of $4.10 per tonne on Friday, down from a discount of $3.80 per tonne in the preceding assessment and a new record low since Fastmarkets began tracking the price in 2013.

“The market is a bit quiet, with smelters seemingly not eager to buy, but there is also little rebound in spot TCs,” one market participant said.

Market participants also added recent support from ample supplies of blister copper and anodes in China’s domestic spot market has allowed some smelters to reduce the use of copper concentrates while largely maintaining refined copper production.

“Domestic supplies of blister copper and anodes made of copper scraps are increasing notably, and the two are becoming more competitive due to cheaper prices and easily accessible compared to copper concentrates,” a second market participant said.

More supplies of blister copper have also reduced demand for imported blister copper, with minimal buying interest despite higher offers, sources told Fastmarkets.

“There is no interest in importing blister copper now, with refining charges [RCs] for domestic units rising to 2,200 yuan [roughly $270] per tonne in some regions, much better than those for imported units,” a third market participant said.

Fastmarkets’ monthly price assessment of copper blister 98-99% RC, spot, cif China was $160-200 per tonne on May 31, up from $100 per tonne in April.

Elsewhere, Chilean copper miner Antofagasta met Chinese copper smelters this past week for the first round of copper concentrates supply talks, but no agreed upon figures have been announced, sources told Fastmarkets.

“There is market consensus on supply shortage of copper concentrates, and the severity of the shortages may vary. Supply talks have just begun ,[and] I heard the miner tentatively offers [of TCs] at $10 [per tonne], but smelters haven’t given their numbers yet,” a fourth market participant said.

Other coverage:
BHP shuts up, for now: Hotter Commodities

BHP’s bid for Anglo American fails but can high copper price increase supply?

US copper premium rises; high exchange prices keep Asia, London markets flat

Inform your base metals strategy with metals price forecasts and analysis for the global base metals industry. Get a free sample of our base metals price forecast today.

What to read next
The publication of Fastmarkets’ MB-AL-0343 Aluminium P1020A spot premium, cif main Japanese ports (MJP) assessment for Wednesday April 2 was delayed because of a reporter error. Fastmarkets’ pricing database has been updated. The following price was affected:MB-AL-0343: Aluminium P1020A (MJP) spot premium, cif Japan, $/tonne The price is a part of the Fastmarkets base metals […]
The 2025 executive order on U.S. mineral production is a major step toward strengthening domestic supply chains and national security. By boosting domestic mineral production, it aims to reduce reliance on imports and ensure a secure future for critical industries. This order will shape the future of U.S. mining and its role in global markets.
The United States is taking steps to strengthen its critical mineral supply. This move focuses on boosting domestic production, improving supply chains, and addressing regulatory challenges. These efforts aim to enhance economic growth and reinforce national security.
The European Space Agency’s sustainability chief revealed that research into using lunar regolith for solar panel production was accelerating as germanium shortages threatened traditional space power systems.
Falling alumina prices, geopolitics and a volatile aluminium market will be the hot topics during the Fastmarkets’ annual Bauxite & Alumina Conference, taking place in Miami, Florida on April 2-4.
During the extended consultation, Fastmarkets received comprehensive and wide-ranging feedback from a broad cross-section of the P1020A value chain.The majority of the market feedback received during the consultation was in support of Proposal 1, with most participants preferring its simpler, more coherent mechanism of reflecting CBAM costs than Proposal 2. Proposal 1: Reporters may apply expert […]