Metals & Mining Theme, Non-Ferrous
April 03, 2025
Platts to launch daily EQ copper cathode premium assessment
Platts, part of S&P Global Commodity Insights, will launch a daily Equivalent Quality grade A (EQ) copper cathode premium assessment basis CIF China, effective May 2, in view of growing demand in the China import market.
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 2024, China imported 1.6 million mt of copper from DRC, up 50% year on year.
The volume accounted for 20% of China's total copper imports in 2024, China customs statistics showed.
Platts initially proposed the new EQ copper cathode assessment in a subscriber note published on Feb. 12 and subsequently extended the feedback period on March 6.
Further market feedback has shown that spot activity for EQ copper cathode is observed in a 100-1000 mt range, with the bulk of transactions around 200-300mt and no price differential observed currently.
The quantity specification for the assessment has been revised to 200 mt, from the initial proposal of minimum 500 mt, to reflect commonly traded cargo size and a single standard volume for normalization where relevant.
Price information falling within the typical 100-1000 mt volume range may be normalized for assessment purposes.
The assessment will reflect the following specifications:
| Assessment Description | Daily Symbol | Monthly Avg Symbol | Quality | Quantity | Incoterm | Location | Timing | Payment Terms | UOM |
| Copper Cathode Equivalent Quality Grade A (EQ) | EQCCP00 | EQCCP04 | Non-LME registered grade A copper | 200mt | CIF | Shanghai | Delivery 7-56 days forward | LC 30 days, Telegraphic Transfer (TT), Documents against Payments (DP) | $/mt |
The assessed premium will reflect generic EQ quality cathode and may be normalized where relevant, such as for quantity, timing and quotation period adjustment. Platts considers the base month as calendar month plus one, rolling on the first business day of the month.
The assessment will reflect the premium or discount to LME's daily copper cash price.
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 timestamp will be considered for the assessment.
The daily assessment and associated monthly average will be published on pages MTL0106, PMA0106, MTL0419 and PMA0419 of Platts Nonferrous Metals Alert, Platts Metals Daily, and in the Platts price database.
Additionally, Platts will launch a calculated monthly average (MMAMK03) for its existing daily CIF China copper premium assessment for LME-registered grade A cathode (MMAMK00).
The first monthly average calculation will update on May 31, reflecting the average of daily assessments published throughout May.
Please send feedback, comments and questions to platts_asia_copper@spglobal.com and pricegroup@spglobal.com.
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.