Dans un contexte d'échanges limités sur le marché avant les vacances et pendant les conférences industrielles, les frais de traitement des concentrés de cuivre (TC/RC) de la Chine se sont stabilisés la semaine dernière après avoir diminué pendant quatre mois consécutifs. L'indice hebdomadaire des achats de l'Agence France-Presse pour les fonderies au 18 juin est inchangé par rapport au 12 juin, et l'indice d'achat pour les commerçants est également resté inchangé. Les échanges sur le marché au comptant dans les fonderies ont été lents, avec peu d'offres et de transactions sur le marché au cours de la période du 19 au 21 juin précédant le Dragon Boat Festival et pendant la conférence industrielle organisée par le Groupe de négociation conjoint sur les matières premières en cuivre de Chine (CSPT).
Market quotations and transactions were scarce. Market participants said that at the meeting held by CSPT on June 17, it was approved to add seven smelters to the organization, and measures to strengthen the supervision of copper concentrate imports were being considered, including converting the current automatic licensing system into an approval system. In the trader market, 30,000 tons of Sierra Gorda copper concentrate were sold at -210 US dollars/ton, -218 US dollars/ton, and -220 US dollars/ton, corresponding to the fourth quarter and shipment periods in August-September. Another 10,000 tons of Mantoverde copper concentrate was auctioned at -205 US dollars/ton, with shipment scheduled for July. As of this weekend, the mid-year long-term contract negotiations between Chilean miner Antofagasta and Chinese smelters have not reached a result. Market participants said that Antofagasta may seek to convert the long-term TC/RC from a fixed rate to an index-linked mechanism. After the news of the peace agreement between the United States and Iran, the copper market sentiment remained cautious. Market expectations are that the Strait of Hormuz will reopen, but the regional production infrastructure needs time to repair, and sulfur production is difficult to quickly return to the pre-conflict level. This has affected the short-term sulfur price, which may remain high, thereby supporting the downstream sulfur price. Most market participants expect that this factor will not significantly boost the copper concentrate processing fee in the short term.
