Copper breaks US$10,000/t, lets hope Andre doesn't stuff up...

Copper breaks US$10,000/t, lets hope Andre doesn't stuff up again!!!!

SP Angel . Morning View . Friday 19.04.24
Copper prices to break $10,000/t as negative Tc/Rcs highlight smelter scramble for material​

Copper $9,830/t - 50,000t of copper concentrates just sold at a negative TC/RC of –$18/t / -1.8c/lb

• Unconfirmed reports of negative Treatment and Refining charges in the copper market imply that one or more smelters are so desperate for copper concentrates they will take losses to secure material.
• The pricing may also imply a substantial deficit is coming at us in the copper market.
• It is also quite possible that a couple of smelters might have to close due to a scarcity of available concentrates
• We speculate: if a Chinese smelter had sold copper ahead into the futures market, it might need to ensure it produces copper, even at a loss, to avoid having to buy metal back in the market.
• News yesterday on the closure of a number of copper mines in the DRC following the seizure of lorries carrying copper concentrate which were also found be to be loaded with Uranium may be a factor.
• Pricing: We see copper prices breaking through $10,000/t as the market starts to appreciate the significant of a smelter paying negative Tc/Rc rates