Base metals

Major miner Antofagasta has broken away from decades-long tradition to sign copper concentrates supply contracts for the first half of 2020 with China’s two biggest copper smelters in June, Fastmarkets understands.

More copper units are entering China via the form of concentrates and scrap to match the country’s ambitious smelting expansion plans, raising the possibility – albeit distant – that the world’s biggest copper importer will eventually stop buying refined copper from overseas.

Trafigura has moved to integrate its derivatives trading business to function under individual book heads, which will further consolidate the management of its metals business, Fastmarkets understands.

A deal struck between the European Union and South America’s Mercosur trading group will boost trade between the two blocs in non-ferrous metals and related products, Fastmarkets heard on Tuesday July 2.

China’s Zijin Mining is an interested party in Korea Resources’ offtake from the Cobre Panama copper mine, the only major greenfield project to hit the market this year and the next, four informed sources told Fastmarkets.

Despite China’s ban of low-quality copper scrap imports since the beginning of 2019, the volume of copper units contained in scrap imports has defied expectations by rising in the first five months of this year.