On September 22, 2023, the CSPT held a quarterly meeting and finalized the guidance price of copper concentrate spot TC for the fourth quarter of 2023 at $95 / dry ton. The spot TC floor price of copper concentrate in the third quarter of 2023 was $95 / dry ton.
On the supply side, the resale of goods brought about by the recent interference of overseas refineries has replenished the supply of goods in the spot market to a certain extent, but has not brought significant support to the spot TC. Overseas copper concentrate supply disruptions and expectations of disruptions remain, including in Latin America and Africa.
On the demand side, it is expected that China's copper smelting volume in the fourth quarter will reach a full-year high. On the one hand, the overall maintenance is weak; On the other hand, the large-scale refinery resumed production after major overhaul, the expansion project climbed smoothly, and the new project was put into operation. According to Mysteel statistics, China's crude copper production is expected to increase by 10.0% year-on-year in 2024.
