Copper Prices Dip Slightly as Chinese Smelter Fees Hit Record Lows

Smelter Fee Revolution

In a sign of acute raw material shortages, negotiations for 2026 Chinese copper smelter fees have concluded with 'zero treatment charges.' This unprecedented development indicates that smelters are desperate for copper concentrate and are willing to process it for free just to keep their operations running. This is a massive bullish signal for the underlying price of the raw metal.

Market Performance

Despite the slight daily loss, copper remains up 4.86% month-to-date and over 36% year-to-date. The metal is holding onto the vast majority of its recent gains, trading just 6% below its record high of $5.795 hit in July. The structural supply deficit is keeping a firm floor under prices.