Copper Hits Twenty One Week High as Chinese Smelters Face Zero Fees

Smelter Fee Crisis

Chilean state-miner Codelco recently offered record-high prices to Chinese buyers, while smelters have been forced to accept zero treatment charges for 2026. This unprecedented development highlights the acute shortage of copper ore, pushing the cost of refined copper higher as processing margins vanish.

Grid and AI Infrastructure

Beyond the supply crunch, demand remains unyielding. The massive build-out of global power grids and the infrastructure requirements for AI data centers are providing a non-cyclical demand base. Copper is now being repriced as a 'strategic tech metal' rather than a simple industrial commodity.