Fastmarkets proposes changes to Asia copper concentrates index weighting, seeks feedback on normalization of gold and silver

Fastmarkets04-08

The proposal would align the index more closely with physically traded volumes in the region, and enable it to adjust to evolving market conditions. This proposal follows an observed widening of the ...

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This proposal follows an observed widening of the spread between trader and smelter purchase components of the index and is aligned with a majority of market feedback. Additionally, Fastmarkets seeks feedback […]","collect":0,"end_time":0,"defaultTopTitle":"fastmarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"JNUG":"金矿指数二倍做多ETF","DGP":"二倍做多黄金ETN(PowerShares)","GDXJ":"小型黄金矿业ETF(Market Vectors)","ZSL":"Proshares二倍做空白银ETF","BAR":"GraniteShares Gold Shares","PICK":"iShares MSCI Global Metals & Mining Producers ETF","GBUG":"Sprott Active Gold & Silver Miners ETF","IAUI":"NEOS Gold High Income ETF","SLV":"白银ETF-iShares","AGQ":"2倍做多白银ETF-ProShares","GDXU":"MicroSectors Gold Miners 3x Leveraged ETN","PSLV":"Sprott Physical Silver Trust","FGDL":"FRANKLIN RESPONSIBLY SOURCED GOLD ETF","CEF":"Sprott Physical Gold & Silver Trust","IAUM":"ISHARES GOLD TRUST MICRO","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","CPER":"美国铜指数基金","RING":"iShares MSCI Global Gold Miners ETF","UGL":"2倍做多黄金ETF-ProShares","GDXY":"YieldMax Gold Miners Option Income Strategy ETF","SLVP":"iShares MSCI Global Silver and Metals Miners ETF","DULL":"MICROSECTORS GOLD -3X INVERSE LEVERAGED ETN","AAAU":"Goldman Sachs Physical Gold ETF","XME":"金属与采矿指数ETF-SPDR","SIVR":"Abrdn Silver ETF Trust","SLVR":"Sprott Silver Miners & Physical Silver ETF","COPJ":"SPROTT JUNIOR COPPER MINERS ETF","USG":"USCF Gold Strategy Plus Income Fund","JDST":"金矿指数二倍做空ETF","OUNZ":"VanEck Merk黄金股票基金","KSLV":"Kurv Silver Enhanced Income ETF","COPP":"Sprott Copper Miners ETF","ICOP":"iShares Copper and Metals Mining ETF","DZZ":"德银黄金两倍做空ETN","DUST":"二倍做空黄金矿业指数ETF-Direxion","BEGS":"RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF","GLDM":"SPDR Gold MiniShares Trust","GLL":"2倍做空黄金ETF-ProShares","GDXD":"MicroSectors Gold Miners -3x Inverse Leveraged ETN","SIL":"Silver Miners Etf","SGOL":"Abrdn Gold ETF Trust","PHYS":"Sprott Physical Gold Trust","GDX":"黄金矿业ETF-VanEck","SILJ":"Amplify Junior Silver Miners ETF","BTGD":"STKD Bitcoin & Gold ETF","CPXR":"USCF DAILY TARGET 2X COPPER INDEX ETF","IAU":"黄金信托ETF-iShares"},"translate_title":"Fastmarkets提议改变亚洲铜精矿指数权重，寻求金银正常化反馈","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/44760b4abb7688cb462a25aa4bff40d2","symbols_score_info":{"SILJ":1.5,"GBUG":1.5,"AAAU":1.5,"CPXR":1.5,"IAUI":1.5,"SIL":1.5,"UGL":1.5,"CPER":1.5,"GDXJ":1.5,"SLVR":1.5,"IAUM":1.5,"1OZmain":1.5,"SGOL":1.5,"JNUG":1.5,"JDST":1.5,"SLV":1.5,"ICOP":1.5,"KSLV":1.5,"GDX":1.5,"GLL":1.5,"ZSL":1.5,"AGQ":1.5,"DULL":1.5,"DZZ":1.5,"MHGmain":1.5,"XME":1.5,"PHYS":1.5,"GDXU":1.5,"OUNZ":1.5,"QCmain":1.5,"PSLV":1.5,"FGDL":1.5,"USG":1.5,"SIVR":1.5,"CEF":1.5,"COPP":1.5,"BEGS":1.5,"DGP":1.5,"GDXY":1.5,"BTGD":1.5,"SLVP":1.5,"BAR":1.5,"COPJ":1.5,"PICK":1.5,"GDXD":1.5,"IAU":1.5,"GLDM":1.5,"DUST":1.5,"RING":1.5,"GLTR":1.5},"content_text":"The proposal would align the index more closely with physically traded volumes in the region, and enable it to adjust to evolving market conditions.\nThis proposal follows an observed widening of the spread between trader and smelter purchase components of the index and is aligned with a majority of market feedback.\nAdditionally, Fastmarkets seeks feedback on how to normalize gold and silver byproduct credits within this index. This would allow the index to better reflect the influence of precious metal byproducts on copper concentrates TC/RCs.\nDynamic weighting between trader, smelter purchasesUnder the proposed change, Fastmarkets would use a dynamic volume weighting of trader and smelter purchases in the final index. This weighting would be adjusted weekly, based on the volume of reported inputs over a rolling six-month period.\nCurrently, Fastmarkets applies a fixed 50:50 weighting between the “Copper concentrates TC implied smelters purchase” and “Copper concentrates TC implied traders purchase” in the final calculation.\nThe following indices would be affected:MB-CU-0287 Copper concentrates TC index, cif Asia Pacific, $ per tonneMB-CU-0288 Copper concentrates RC index, cif Asia Pacific, US cents per lb\nNormalization, assumptions for precious metalsFastmarkets also invites feedback on the introduction of an additional normalization mechanism for gold and silver below a specified threshold; the cut-off being the point at which gold and silver contained in copper concentrates change from being unpaid to payable by the buyer.\nFrom 2025, payables were generally charged when content volume was more than 1g for gold and 30g for silver.\nThis change came from sustained, unprecedented tightness since late 2023 in the copper concentrates market, fierce competition and the surge in gold and silver prices.\nA normalization would capture TC/RC differentials between copper concentrates that include gold and silver credits, and those that do not.\nCurrently, there is no formal industry standard to account for gold and silver payables below the threshold, and Fastmarkets understands that such payable credits and deductibles can vary due to differences in precious metal content, typical assay assumptions, trading partners, counterparty practices and broader market dynamics.\nFastmarkets is seeking feedback on a normalization process for gold and silver payables below 1g for gold and 30g for silver, which could be applied on a case-by-case basis. Fastmarkets could normalize, for example, by forming a view of gold and silver prices or by asking market participants to self-normalize their bids, trades and offers to the Fastmarkets specification.\nFastmarkets’ existing gold and silver specifications, as outlined in the methodology, remain unchanged, but Fastmarkets is seeking feedback on how to normalize for gold and silver content, where the base content of gold and silver changed as outlined below.\nFastmarkets is also seeking feedback on changing the gold (Au) base specification from 1.1g per dmt to 1g per dmt, and the silver (Ag) base specification from 75g per dmt to 30g per dmt. The maximum for gold and silver would remain unchanged at 30g per dmt and 350g per dmt respectively.\nFastmarkets reserves the right to exclude outlier or incomplete data. Therefore, were Fastmarkets to adopt a normalization process for gold and silver, bids, offers and trades reported to Fastmarkets without sufficient detail on gold and silver credits needed for normalization could be discarded.\nThis proposal follows a public consultation opened on February 3, which you can find at this link.\nThe feedback period for this proposal will end on May 22, 2026.\nTo provide feedback, or if you would like to provide price information by becoming a data submitter to these prices, please contact pricing@fastmarkets.com and basemetals@fastmarkets.com by May 22, 2026. Please add the subject heading “re: Copper Concentrates TC/RC Index.”\nPlease indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.\nTo see all Fastmarkets’ pricing methodology and specification documents, go to the Fastmarkets methodology page.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626592116","isCrawlerRequest":true}