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Deal-level copper concentrate commercial terms library: the firm states its guides are 'anchored to real purchase contracts filed with the US SEC' and draws on its own FOB Karachi marketing book. The latent asset is a structured set of observed concentrate contract and settlement mechanics — payable percentages by metal (Cu ~96.5% with 1-unit minimum deduction vs. Trafigura-group Cormin's 100% of final Cu with flat 2-unit deduction; Au 90-95%, Ag 90% above ~30 g/t thresholds), TC/RC structures including the 2026 annual benchmark at $0.0/dmt with zero refining charge, penalty clause triggers by assay, quotational-period definitions, provisional-vs-final invoice ratios (~90% against documents), and moisture/TML/FMP certificate practice under the IMO IMSBC Code.
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