CSPT Refrains from Setting Copper Concentrate Guidance Price Amid Market Uncertainty
The Shanghai Metals Market (SMM) recently reported on the copper concentrate market. The SMM Imported Copper Concentrate Index stood at -$224.53/dmt, down $2.64/dmt from the previous period.
Spot trading activity for imported copper concentrates declined further, with one trader selling 10,000 mt of clean ore to a smelter at the index minus $25/dmt, and another selling approximately 20,000 mt of high-gold ore at the index minus $17/dmt to -$18/dmt.
On the mine tender front, the winning bid price for 10,000 mt of BISHA was at the trader index minus $40/dmt or lower. Smelters' acceptance of index-deducted pricing continued to decline, with some indicating they could only purchase on an index basis and calling for more fixed-price procurement.
The Copper State Purchasing and Technical Services (CSPT) held its Q3 general manager office meeting in Shanghai, where it unanimously decided not to set a copper concentrate TC procurement guidance price.