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Leading Chinese copper smelters may discuss production plans at a quarterly meeting next week after plunging processing fees threatened to wipe out their profits in a major challenge for the industry.
Smelters in China, the world’s largest refined copper producer and consumer, are at a critical juncture after so-called treatment and refining charges — the amount they are paid to convert concentrate into metal — collapsed. The plunge has been driven by a slew of supply setbacks at global mines, coupled with a relentless expansion in Chinese capacity that’s boosted competition.
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