Record-low copper TC/RCs push miners to agree very-long …

Fastmarkets' benchmark copper concentrate TC/RC index fell into negative territory on April 26, the first time the index had traded as a negative number in records going back to 2013. The most recent calculation of the copper concentrates TC index, cif Asia Pacific, was a discount of $2.50 per tonne on May 3.

Copper smelters feel pain as treatment and …

Fastmarkets calculated the copper concentrates TC index, cif Asia Pacific and the copper concentrates RC index, cif Asia Pacific at $22.70 per tonne and 2.70 cents per lb respectively in the week ending January 26, both down …

The Copper Market, Treatment and Refining Charges

The current copper price of above 9 000 USD/t is seen as encouraging miners to boost output. Copper mine production is forecasted to rise by 2..4% in 2021, and by further 7% in 2022 boosted by recovering supply at existing mines, expansions and new capacity in Indonesia (Grasberg Block Cave mine ramp-up), Peru (the startup of Mina Justa and the expansion of …

TRADE REVIEW: China's copper concs TC/RCs to be …

Smelters' purchases fell in Q2 on low TC/RCs, anodes usage Traders expect limited rebound in Q4 on new smelting capacity Copper cathode import premium to firm slightly in next quarter This report is p

China's Cu conc TC/RCs hit over 15-year low: Correction

The tender, comprising two cargoes of copper concentrate, was settled with two entities. It was concluded with a Chinese smelter at TC/RCs of $12/t and 1.20¢/lb, and transacted with a trading house at TC/RCs of $3/t and 0.30¢/lb, five sources told Argus. Such low TC/RC levels were last seen in 2007 or 2008, according to sources.

Five key talking points ahead of C Week 2024

The latest calculation is the index's lowest ever. Fastmarkets carries historical pricing data for the market as far back as June 2013. ... The 2024 copper concentrate TC/RC benchmark was agreed at $80 per tonne/8.0 cents per lb between major global miners and copper smelters, firstly settled between Chilean miner Antofagasta and China's ...

Copper Concentrates Market 2025: Strategies for Navigating TC/RC …

Analysts suggest that global copper demand could outpace supply by up to 5%, creating a significant deficit that influences TC/RC levels. Strategic Adaptations for Smelters. Chinese copper smelters are demonstrating remarkable resilience by implementing innovative strategies to mitigate these challenges:

January 2023

Copper concentrate TCs still negative: how? And what does …

Alongside this, the London Metal Exchange three-month copper price hit an all-time high of $11,104.50 per tonne on May 20. Fastmarkets heard that the tight concentrate market was among the reasons for this. The big movements in both the TC/RCs and the LME copper price have led to an increased market focus on copper concentrate treatment and refining charges.

How low can spot TC RCs go

The TC is expressed in US$/dry metric tonne of gross concentrate weight, and the RC is expressed in US¢/lb of payable copper. The trade size is specified between 10,000 t and …

Looking for Accurate Forecasting of Copper TC/RC

Thus, in accordance with our second premise on benchmark TC/RC behaviour, levels would move in line with copper concentrate supply and demand as well as the smelters' and refineries' available capacity to transform concentrates into metal copper. Hence, a relationship between TC/RC levels and copper supply and demand is known to exist and ...

ON-SITE PROCESSING VS. SALE OF COPPER …

TC/RC/PP (US ¢/lb) Copper Prices (US ¢/lb) Cu Figure 4 For the purposes of the financial analysis in the succeeding section, longterm prediction for TC/RC/PP is required. Using the above historical relationship between TC/RC/PP and copper price it is assumed that the TC/RC/PP is 23% of the copper price for the longterm average.

Copper treatment charges for Chinese market seen rising in …

Global miners and Chinese smelters could set higher annual treatment and refining charges (TC/RCs) in 2023 as rising copper concentrate supply is expected to outpace smelting capacity growth.

Copper concentrates market outlook 2025: Bumpy road ahead

Fastmarkets' calculation of the copper concentrates TC/RC implied smelters purchase, cif Asia Pacific at $8.48 per tonne/0.848 cents per lb on December 13, down from $9.28 per tonne/0.928 cents per lb a week earlier.

FAQ: Changes to Fastmarkets' copper concentrate TC/RC …

Fastmarkets' copper team has compiled the answers to frequently asked questions (FAQs) from the industry on the change in the benchmark copper concentrate TC/RC index …

Looking for Accurate Forecasting of Copper TC/RC …

Copper TC/RC are a keystone for pricing copper concentrates which are the actual feedstock for copper smelters. The potential evolution of TC/RC is a question of both economic and …

Looking for Accurate Forecasting of Copper TC/RC …

Hence, the aim of this paper is to provide an efective tool to forecast copper TC/RC annual benchmark levels. With the annual benchmark data from 2004 to 2017 agreed upon during the …

How low can spot TC RCs go

The treatment charge (TC) and refining charge (RC) are a discount to the amount paid to the sellers for a copper concentrate, usually expressed jointly as a TC/RC. CRU publishes two spot TC/RC indices, which represent the averages of TC/RCs agreed over the previous month, one for the miner to trader market, and another for the trader to smelter ...

Estimating copper concentrates benchmark prices under …

Our model puts together separate forecasts for the LME copper and COMEX gold and silver spot prices, along with the main deductions and penalties applied by smelters, to …

Estimating copper concentrates benchmark prices under …

Copper concentrates daily prices are modeled using Matlab software employing historical daily official spot and futures data from the two main commodity markets (LME - copper; COMEX - gold and silver) obtained from DataStream as well as historical copper TC/RC benchmark levels from 2004 to 2018 to calibrate the model.

2022 copper TC/RC benchmark set at $65/6.5¢

The 2022 copper TC/RC benchmark has reportedly been settled at $65/6.5¢ between Freeport McMoRan and Chinese smelters on 16 December. We understand that Jiangxi Copper first agreed at this level with Freeport, with other Chinese smelters following suit (China Copper, Jinchuan and Tongling Nonferrous).

Copper concentrate price data and news

Copper's essential role in the energy transition is creating a volatile and dynamic market. A series of production problems has hit mine output around the world, leaving smelters scrambling for copper concentrates. The strong demand for …

Copper TC/RCs benchmark next year seen at 15-year low, …

Thomson Reuters Copper concentrate treatment charges benchmark. TC/RC prices should decline as more smelters come online amid less concentrate supply. Analysts at consultancy Shanghai Metals Market (SMM) expect the global copper concentrate deficit to widen to 822,000 tons in 2025 from this year's 221,000 tons.

Direct Effect of TC on the LME Copper Prices

It is found that a 10% increase in TC of copper decreases in copper return by 1.8%. Subsequently, the vector autoregression (VAR) model is introduced to consider the impact of TC to copper prices ...

Trends and Forecasts within the Copper Market

Treatment and Refining Charges (TC/RC) The copper treatment charges are expected to rise to 90 USD/t in 2021 as concentrate production outpaces smelter demand for concentrate. However, towards 2024, the TC/RC are expected to see some pressure as the Copper market will slowly move into a deficit.

Copper TC/RCs benchmark next year seen at 15-year low, …

A Reuters poll of industry sources including smelters, traders, miners, analysts and consultants showed a wide range of expectation for the TC/RC benchmark, from the high teens to $50 a metric ton.

Copper: explaining the TC/RC slide

Our long-term TC/RC terms are US$87/t-8.7¢/lb (real), which becomes active in our forecast in 2021. Copper's supply-demand outlook We forecast a 2.4%yoy lift in global copper refined supply for 2015 to 22.8Mt, which includes a 5.3%yoy expansion in …

What are TC/RCs (Treatment and Refining …

TC/RCs provide part of the revenue of a smelter. E.g. the table below gives an indicative calculation for revenue per tonne of copper for various TC/RC levels and levels of concentration:

Copper concentrate benchmark structure at risk in …

TC/RCs are discounts paid to smelters for turning copper concentrate into refined metal. Typically, the fees drop amid tight supply and increase in a well-supplied market. Most miners and smelters tend to follow an …

PRICING NOTICE: Correction to copper concentrate TC/RC …

Japan's government has announced plans to make carbon trading, a system of carbon dioxide (CO2) emissions quotas, mandatory for high-emission firms from the 2026 fiscal year, which could have far-reaching consequences for Asian steelmakers, sources told Fastmarkets in the week to Friday November 29.