Platts extends feedback period for launch of daily EQ copper cathode premium assessment

Platts, part of S&P Global Commodity Insights, is extending the feedback period for its proposal to launch a daily Equivalent Quality grade A (EQ) copper cathode premium assessment basis CIF China to March 19.

The proposed launch date of April 1 is also revised to May 2, following the extension of the feedback period.

Platts first proposed to launch the assessment on Feb. 12, via a subscriber note, with a feedback period ending Feb. 26.

Platts is seeking further feedback on the typical cargo size in which EQ copper spot transactions delivered to China take place and is inviting market information on price differentials for volumes ranging between 100 mt and 1,000 mt.

Platts continues to invite feedback on the following specifications:

EQ copper cathodes refer to those that meet grade A copper cathode specifications as described by the London Metal Exchange but are not registered with the exchange and cannot be delivered to exchange warehouses.

EQ cathodes are mainly produced in the Democratic Republic of Congo, with a smaller quantity produced in Chile.

Platts has observed growing demand and seaborne trade for EQ cathodes, particularly delivered to China. Over January-November 2024, China imported 1.32 million mt of copper from DRC, up 66% year over year. This volume accounted for 33% of China's total copper imports in 2024, which also increased 21% year over year, China customs statistics showed.

The proposed new assessment and associated monthly average would complement Platts existing copper cathode and concentrate assessments and provide further pricing transparency to the copper market. The assessed premium would reflect generic EQ quality cathode and may be normalized where relevant, such as for timing and quotation period adjustment. Platts considers the base month as calendar month plus one, rolling on the first business day of the month.

Additionally, Platts is proposing to launch a calculated monthly average for its existing daily CIF China copper premium assessment for LME-registered grade A cathode (MMAMK00). The first monthly average calculation would update on May 30, reflecting the average of daily assessments published throughout May.

Platts spot price assessments consider market information reported to Platts and published throughout the day, including firm bids and offers, transactions and indications, as well as any other data deemed relevant to the assessment process.

Market information received before the 4:30 pm Singapore (0830 GMT) timestamp would be considered for the assessment.

The proposed assessment would be published on pages MTL0106, PMA0106, MTL0419 and PMA0419 of Platts Nonferrous Metals Alert, Platts Metals Daily, and on the Platts price database.

Please send feedback, comments and questions to platts_asia_copper@spglobal.com and pricegroup@spglobal.com by March 19.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.