How do I handle wet concentrate imports?

Enter quantity in Wet MT with moisture % (default 8.5%). The platform derives DMT = Wet MT × (1 − moisture%) before applying assay and payable. Lab-measured moisture from the shipment's certificate overrides the default at position entry.

My contract says 'lesser of Cu% − 1.0 or 96.65%': how does the catalog handle that?

The catalog stores a flat typical payable (96.5%). The sliding formula (lesser of Cu% − 1.0 or 96.65%) applies at position entry where the specific cargo's assay is known. This prevents catalog defaults from drifting from contract reality.

Are TC/RC (treatment and refining charges) part of the hedge?

No. TC/RC are cash economics. Smelter fees for processing. They affect the commercial margin, not the LME-hedgeable metal tonnage. The catalog isolates metal exposure; TC/RC live in the commercial system.

Worked exampleCopperConcentrateConcentrate

Copper concentrate

Name: Copper concentrate
Brand: Novaex
SKU: copper-concentrate

Standard copper concentrate (20–35% Cu)

Copper concentrate is the upstream feedstock for smelters. The assay × payable derivation is the only defensible hedge method. Gross-weight hedging massively over-hedges by ignoring the 70%+ non-copper gangue and smelter retention. Every concentrate shipment needs this derivation.

This page shows how the NovaEx wizard models one common configuration. Your contract may look different. Override any field per shipment, or clone the example to build your own.

Last updated: April 2026By NovaEx Product

Conversion recipe

DMT × A% × P%

Hedge methodAssay × payable %

FormulaHedgeable MT = DMT × Assay % × Payable %

Commercial UOMDMT

Assay20–35% (typical 28%)

Payable96–96.65% (typical 96.5%)

Moisture (Wet MT)7–10% (typical 8.5%)

Rounding ruledown

Sources

International Copper Study Group · Wood Mackenzie · Glencore / Teck annual reports

Industry-standard ranges shown. Actual contract terms vary per shipment; override at position entry.

Worked example

Typical shipment

Commercial qty

100 DMT

As invoiced

Contained metal

28.00 MT

Copper inside the goods

Hedgeable metal

27.02 MT

Flows to hedge desk → LME Copper

Contained = 100 DMT × 28% assay = 28.00 MT. Hedgeable = 28.00 × 96.5% payable = 27.02 MT Copper hedgeable.

100 DMT of copper concentrate × 28% assay × 96.5% payable = 27.02 MT Cu hedgeable → hedge on LME Copper.

Typical specifications

What you're actually trading

Reference specifications for contracts, counterparty conversations, and supply-chain planning. Not a substitute for the shipment's lab certificate or commercial contract.

Assay: 20–35% Cu (typical 28%)
Payable: 96.0–96.65% (typical 96.5%)
Moisture (Wet MT): 7–10% (typical 8.5%)
Commercial UOM: DMT (dry) or Wet MT
Typical formula: Lesser of (Cu% − 1.0) or 96.65%