The SMM Copper Concentrate Index in May rose by $4.49/mt on the month to $87.87/mt. The SMM Imported Copper Concentrate Index (weekly) for the week ending June 9 was $89.93/mt. In May, copper concentrate offers were more active than inquiries in the spot market, and the overall supply exceeded demand. Mines and smelters struck deals for TCs of clean copper concentrates at around $85/mt for shipment in July, compared to $75-79/mt between mines and traders.
SMM reported that RCs of domestic blister copper stood at 1,100-1,300 yuan/mt in May 2023, a drop of 50 yuan/mt from the previous month. RCs of imported blister copper were quoted at $100-120/mt cif, down $5/mt. RCs of blister copper in south China dipped 100 yuan/mt to 1,100-1,300 yuan/mt, and those in north China stood at 1,100-1,200 yuan/mt, flat from April.
At the beginning of May, the overall supply and demand of blister copper was stable. The price spread between copper cathode and copper scrap narrowed with falling copper prices, and copper scrap supply thus tightened. This tightened blister copper supply in south China which relies on copper scrap. Demand for copper anode increased after the completion of maintenance of some smelters and due to concentrated maintenance at more smelters in June.
