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Volcan zinc, lead, copper concentrates last 2012 tender


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Copyright © Thomson Reuters 2012. All rights reserved.
2012-12-27 23:16:49 -

Volcan  Compañía Minera S.A.A. concluded the third and last tender of year 2012
for   the   sale  of  150,000 wmt  of  zinc  concentrates,  25,000 wmt  of  lead
concentrates  and  25,000 wmt  of  copper  concentrates  for deliveries in years
2013, 2014 and  2015. Amid  increasing  concern  over  China's lower concentrate
import  volumes and  stock growth,  the demand  for this  tender was outstanding
considering  the general  comment about  concentrate markets  received from last
Antaike  Conference  in  China.  Terms  offered  by  different parties were very
competitive  and made  the 
tender process last longer than initially expected. Additional to comments about situation in China, gossip during the tender remarked the fact of apparent high stocks of concentrates in Callao port. However, this unusual higher level of stocks at warehouses in this port is more related to poor loading and warehousing conditions in that location that generate huge vessel congestion, causing a much higher average level on stocks. At the end, the tender ended awarding zinc tonnages to multiple companies at levels from low 30's to low 60's depending on year and quality. Incoterm applicable was CIF Main Asian Port at current base price levels. On the lead side, a stronger demand was seen for silvery material prompting an important decrease in silver RCs closer to USD 1.00 per ounce. Mixed messages have been quoted regarding concentrates markets in the last months. However, despite bearish view of comments on the zinc side, demand continues being strong, entering a new stage of time where production cuts will lead the way of TCs. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: VOLCAN COMPAÑIA MINERA via Thomson Reuters ONE [HUG#1667468]


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