Morning Bites (part 3)

⛏️ China’s top copper smelters have agreed to cut production by more than 10% YoY in 2026, amid continuously tight concentrate supply, SMM reports, citing China Smelters Purchase Team discussions. To recap, spot TC/RCs (treatment and refining charges) in China turned negative in mid-2025, amid the recent supply disruptions at major mines

Furthermore, China’s expansion plans for some 2 mntpa of new smelting capacity have been halted

Given the both short and long-term positive market fundamentals, we maintain our positive view on copper and expect prices to reach USD 12,300/t in the 1H26

#copper