Smelters pay to process copper as China expands capacity

Smelters pay to process copper as China expands capacity

Fee earned to turn concentrate into the refined metal falls further into negative territory this year

Copper smelters face record losses amid oversupply

COPPER smelters are paying unprecedented sums to process raw materials as China’s aggressive expansion of processing facilities creates a global market imbalance that threatens the viability of facilities worldwide, the Financial Times reported today. Processing fees charged by smelters have turned negative for most of this year, hitting a record low of minus $45 per ton in May, said the newspaper, citing Fastmarkets data. This means smelters ar…