Antofagasta lowers copper treatment fees for some Chinese smelters, sources say
Writes through, adds background, changes story identifier
By Julian Luk
HONG KONG, June 27 (Reuters) -Chilean miner Antofagasta ANTO.L has agreed a sharp reduction to copper treatment and refining charges (TC/RCs) with some Chinese smelters to $23.25 a metric ton and $2.325 cents a pound, two sources close to the matter told Reuters
The mid-year agreement compares with $80 a ton and 8 cents per pound agreed between the Chilean company and Chinese smelters for 2024 annual supply.
The London-listed miner did not respond to a request for comment.
TC/RCs are a gauge of availability for copper concentrates used in the production of refined copper. A lower charge signals shortages, which started with the December closure of First Quantum's FM.TO Cobre mine in Panama.
Copper prices CMCU3 hit record highs above $11,100 a ton last month, driven partly by large Chinese smelters' plans to cut output after disruptions to mine supply. Copper prices were about $9,500 a ton in morning trade on Thursday.
Reporting by Julian Luk
Editing by Kim Coghill and David Goodman
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
