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In copper, Chile’s state-owned producer Codelco halted part of its operation at the El Teniente mine following an accident on Sunday June 2. Separately, Aurubis has entered into a long-term supply contract with Teck Resources to source concentrates over a 10-year period from the second phase of Teck’s Quebrada Blanca (QB2) open-pit project in the Tarapacá Region of Chile, Fastmarkets learned.
The lead import arbitrage in China reopened in May, causing lead concentrate imports to rise and treatment charges to tumble, while spot terms for zinc concentrates stabilized.
After briefly stabilizing at a recent high of $16.35-17.05 per lb following a rise since late March, the standard-grade cobalt benchmark price started to retreat in mid-May amid slowing consumer demand and sellers’ profit-taking.
China’s domestic antimony price fell for a fourth consecutive week after some domestic suppliers lowered prices further to spark buying interest.
Seaborne and port prices for low-grade manganese ore weakened during the week to May 31, with inventories reaching a new record high amid poor demand.