PRICING NOTICE: Amendment of the Metal Bulletin copper concentrates index

Metal Bulletin has amended its copper concentrates index normalization method, which will be reflected in the next copper concentrate index publication on Wednesday January 31.

Following a month-long market consultation, the copper concentrates index has been amended to include a counterparty factor in the normalization as a third explanatory factor alongside copper content and the company’s mine or concentrate brand factor.

This modification will likely result in a marginal adjustment to the index value as it aligns with the mid-point between traders’ purchases and smelters’ purchases. Statistical analysis of historical index data demonstrates that the inclusion of the counterparty variable increases normalization accuracy.

Second, the minimum traded tonnage for deals included in the index will remain at 5,000 tonnes. But to reduce the impact of non-transaction data (bids, offers, deals heard and assessments), the minimum tonnage for these has been reduced to 2,500 tonnes.

Third, the frequency of normalization updates has increased to every two months from quarterly.

The aim of the index is to provide a transaction-based mid-point to an increasingly complex and liquid market. The changes being made, in consultation with the copper industry, reinforce and improve this aim.

Metal Bulletin has no financial interest in the level or direction of the index.

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to this price, please contact Archie Hunter by email at: Please add the subject heading Archie Hunter, re: copper concentrates index.

You can download the full copper concentrates index methodology here.

To see all Metal Bulletin’s pricing methodology and specification documents go to

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