In a world where global copper smelters are struggling and many copper projects face lower-grade or metallurgical challenges, Storm stands out as:High-grade copper resource, simple mining and metallurgy, fast-tracked development, with full offtake backing (via Ocean Partners) while copper demand is outpacing supply.
For the first time in market history, copper concentrate treatment charges (TCs) have remained in negative territory for half a year, with no clear turning point in sight.The speed of the decline has stunned market participants. In just two years, copper concentrate TCs have dropped approximately $145 per tonne, with the steepest falls occurring in recent months.According to Fastmarkets data, the downward spiral has been relentless, with the assessment for copper concentrates TC implied smelters purchase plunging from an average of $91.06 per tonne in June 2023 to $(43.60) per tonne on Friday May 9, while Fastmarkets' assessment for copper concentrates TC implied traders purchase has fallen even more dramatically, from an average of $81.54 per tonne to $(71.40) per tonne over the same period."For the TCs to stay negative for long — it never has been like that," a miner source told Fastmarkets. "But now it's been like that for almost six months.""This isn’t something I’ve seen in eighteen years of working in copper… it’s not just unusual, it’s unsettling," a second miner source said.
AW1 Price at posting:
5.2¢ Sentiment: Buy Disclosure: Held
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