(Dec 22): A Chinese smelter and Antofagasta plc agreed to set fees for processing copper concentrate at a record low for 2026, after tough negotiations that reflected a market facing abundant refining capacity but tight global ore supplies. The people did not name the Chinese smelter. The global copper market has come under strain this year as a number of trends coincided. That combination has spurred expectations for a further slump in processing fees and, potentially, a breakdown of the industry’s benchmark pricing system. The fees typically account for about one-third of their incomes, according to Wood Mackenzie Ltd.Spokespeople at top Chinese smelters Jiangxi Copper Co and Tongling Nonferrous Metals Group declined to comment.
