Good article below on TC/RCs, or the treatment charges refiners pay...
www.fastmarkets.com/insights/what-lies-behind-the-rapid-decline-in-spot-copper-concentrates-tc-rcs/
They're now at multi decade lows (nearing $10 from closer to $100), which most likely indicates a MASSIVE lack of copper concentrate, as the refiners scramble to get enough con to refine, and have to offer better and better deals on the spot market
This looks to be largely due to all the recent mine shutdowns (Panama) and reduced outputs by the big players, as well as a lot more copper demand and increasing smelter capacity (which is ramping even further with Grasberg and Kamoa's smelters coming on line, and Adani in India)
More refiners and a drop in expected concentrate means con supplies will be even more stretched!
This all is pushing for something to give - either the TC/RCs drop below zero and the refiners keep going on massive losses, or these refiners need to shut down = less refined copper = higher price? Generally, in a low TC/RC environment, copper price rises...
Hopefully this is some of the first signs of an incoming copper jump, and a rising tide raises all ships!
GLTAHs!
Good article below on TC/RCs, or the treatment charges refiners...
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