Copper price: Chinese concentrate imports hit monthly record
The price of copper slid back again on Friday after trade data showed a plunge in Chinese imports of refined metal, even as concentrate shipments set fresh highs.
Copper for delivery in May hit a low of $2.89 per pound ($6,370 a tonne) in overnight trading on the Comex market in New York, down from just shy of the $3.00 mark touched a week ago.
China consumes half the world's copper, and trade data released on Friday showed the country's imports of unwrought copper fell by more than a third in February at 311,000 tonnes from a bumper 479,000 tonnes last month.
Smelter expansions have increased demand and competition for copper concentrate in China
It was the lowest monthly total since March 2018. Last year China imported a record 5.3m tonnes of refined copper.
Imports of copper concentrate continued to rise sharply, up 25% from a year ago to 1.93m tonnes last month. February cargoes were tied with the highest monthly total on record set in September last year. On an annualized basis concentrate imports are set to come in way above the record set in 2018 of 19.7m tonnes.
China put in place a complete ban on certain types of scrap copper imports at the start of 2019 on top of a 25% tariff on imports from the United States, one of its main suppliers, instituted in August.
Smelter expansions have increased demand and competition for copper ore in China, with spot treatment and refining charges (TC/RCs) – paid to smelters to process copper concentrate into refined metal – falling sharply this year as a result according to Reuters data.
source: MINING.COM
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
