Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $2/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs indicative offer heard at $0-2/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $0/mt, July loading, trader to smelter, M+1 or M+4 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at negative $/mt, 2025 loading, producer to trader, M+1 or M+4 at buyer's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2-3/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $5/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, high impurities, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: blended copper concs tradable heard at $5/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $3/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs bid heard at $6-7/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs bid heard at $4/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Constancia tender heard on May 8, 2024-2026 loading, producer to trader, 30kt per year, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $2/mt, June loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $0-2/mt, June loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: High As copper concs traded heard at $30/mt, May-June loading, producer to trader, M+1, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Buenavista tender heard on May 8, June loading, producer to trader, 10kt, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Caraiba tender heard on May 8, 2024-2026 loading, producer to trader, 40kt for 2024, 120kt each for 2025 and 2026, according to market source
Platts 25% Cu Copper Concentrate, CIF China: super clean heard done heard at $2/mt, June loading, trader to smelter, M+1 or M+4 at seller's option, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $0/mt, July loading, producer to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $5/mt, H2 2024 loading, trader to smelter, M+1 or M+4 at buyer's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at minus $10s/mt, July loading, producer to trader, M+1 or M+4 at buyer's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at minus $10s/mt, July loading, producer to trader, M+1 or M+4 at buyer's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2.5/mt, July loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $2-3/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $5/mt, H2 2024 loading, trader to smelter, M+1 or M+4 at buyer's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $2.5/mt, June loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2-3/mt, June-July loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $1-2/mt, July loading, trader to smelter, M+1 or M+4 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs indicative offer heard at $2-3/mt, June-August loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $0/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2-3/mt, June loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $2/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $2/mt, June loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Andina/El Teniente/Valle Central tender heard on May 7, May-June loading, producer to smelter, M+4, bid due on May 7, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs offer heard at $5/mt, June loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs traded heard at $2-3/mt, June loading, trader to smelter, M+1 or M+5 at seller's option, traded on April 30, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs indicative offer heard at negative $/mt, July loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $3-4/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at minus $10.5/mt, July loading, producer to trader, M+3, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs indicative offer heard at $1-2/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at single digit $/mt, July loading, trader to smelter, M+1 or M+5 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at negative of single digit $/mt, H2 2024 loading, trader to smelter, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs heard done heard at $4-5/mt, June loading, producer to smelter, M+1 or M+4 at seller's option, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at minus $7 to $10/mt, July loading, producer to trader, M+4, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2-3/mt, July loading, trader to smelter, M+1 or M+4 at seller's option, according to smelter source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at minus $15-20/mt, H2 2024 loading, producer to trader, M+1 or M+4 at buyer's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $0/mt, July loading, trader to smelter, M+1 or M+4 at seller's option, according to trader source
Platts 25% Cu Copper Concentrate, CIF China: High As copper concs/Clean spreads tradable heard at $45/mt, July loading, trader to smelter, 1% As, according to market source
Platts 25% Cu Copper Concentrate, CIF China: Clean copper concs tradable heard at $2/mt, July loading, trader to smelter, M+4, according to market source
Platts assessed CIF China clean copper concentrate treatment and refining charges at minus $1.60/mt and minus 0.16 cents/lb, respectively, on May 8, down 20 cents/mt and 0.02 cent/lb, respectively, from May 7.
Platts assessed producer-to-trader copper concentrate TC/RC differentials at minus $7.50/mt and minus 0.75 cents/lb, respectively, on May 8, up $1/mt and 0.10 cents/lb, respectively, from May 7.
Tradable values were heard at $2-$3/mt for July-loading shipments on M+1 or M+4 pricing at the seller's option, which were normalized to minus $1.10-$2.10/mt considering a $25.67/mt contango between October and November on a M+3 pricing basis.
Some small-to-medium-size smelters that were inactive in the spot market were looking to restock to maintain production in the third quarter, but large-size smelters were heard staying away from restocking.
“Large-size smelters have restocked enough in April; [they are] not so aggressive at bidding now,” a trader said.
Offers were heard stable from flat to $2/mt for June loading shipments on M+1 or M+4 pricing basis, seller's option, trader to smelter.
But as bids increased to $6-$7/mt generally on a M+5 pricing basis or $4-$5/mt on a M+4 pricing basis, buyers started to reject side-term changes such as gold payables and QP.
"When [there] are more offers around, it is not easy to negotiate side-term changes with smelters,” a trader said.
Several smelters said that they would rather pay lower TC/RCs for M+4 pricing shipments but were not willing to take M+5 pricing offers with associated higher costs.
“There is extra financing cost from hedging and opening letters of credit twice,” a procurement source said.
As some traders asked for gold payable for quality below 1 g, smelters also preferred to buy copper concs with above 1 g gold content.
A trade was done at $2/mt from producer to smelter for June-loading clean copper concs, M+4 pricing.
High arsenic content copper concs traded at $30/mt between producer and trader, May to June loading, M+1 pricing, with arsenic penalty starting at 0.5%.
The market expected Indonesian copper producers to continue exporting copper concs despite the current permit expiring May 31.
A producer said that talks with the Indonesian government regarding export relaxation were positive.
At the same time, more tenders were heard available for shipments loading over 2024-2026.
A spot tender was heard for 10,000 mt of June-loading Buenavista from producer to trader, while another tender was heard for 30,000 mt/year of Constancia for loading over 2024-2026, producer to trader.
A tender was also heard for 40,000 mt of Caraiba for loading in 2024, 120,000 mt for loading in 2025 and 120,000 mt for loading in 2026, with bids due May 10.
Platts is part of S&P Global Commodity Insights.