Platts launches daily EQ copper cathode premium assessment

Platts, part of S&P Global Commodity Insights, has launched 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.

In January to March 2025, China imported 372,405 mt of copper from DRC, up 9.7% year on year, which accounted for 19.6% of China's total copper imports during the period, China customs statistics showed. Over 2024, China imported 1.6 million mt of copper from DRC, up 50% year over year, which accounted for 20% of the country's total copper imports for the year.

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. The decision to launch was communicated on April 3, where the quantity specification for the assessment was revised to 200 mt, from the initial proposal of a minimum of 500 mt, reflecting market feedback relating to commonly traded cargo sizes and prioritizing a single standard volume for normalization where relevant .

The specifications for the new assessment are as follows:

The assessed premium reflects 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 reflects 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 are published on pages MTL0106, PMA0106, MTL0419 and PMA0419 of Platts Nonferrous Metals Alert, Platts Metals Daily, and in the Platts price database.

Additionally, Platts has launched a monthly average (MMAMK03) for its existing daily CIF China copper premium assessment for LME-registered grade A cathode (MMAMK00).

The first monthly average calculations 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.

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