Chile's Short-Term Disruptions Unlikely To Change Ample Supp

As of last Friday May 12, the SMM Imported Copper Concentrate Index (Weekly) stood at $86.88/mt, $1.41/mt higher than May 5. The spot market was quiet during the week as most market participants were preparing for the LME meeting in Hong Kong to be held this week, muting trading. Traded TCs of clean seaborne ore scheduled for July and August between mines and smelters stood at $85/mt. Offers were ample. Offers of traders for clean seaborne ore scheduled for June-August stood at $85/mt, and counteroffers were $91-92/mt. The market was still awaiting guidance from the results of Antofagasta's mid-year long-term contract negotiations with some Chinese smelters. The price coefficient of Cu 20% domestic ore stood at 88.5-89.5%.

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