Reasons behind Low TCs and RCs Recently

Some copper smelters expanded their capacity, some smelters returned to work after completion of overhaul, and winter storage of northern smelters led to elevated demand for copper concentrates, so much so that the TCs of spot copper concentrates fell significantly.

The continuous decline in copper prices made the price advantage of recycled copper raw materials disappear, and RCs operated at a low level under pressure. It led to the risk of production reduction in a small number of smelters.

The continued rise in smelters' economic profits was supported by a seasonal pick-up in fertilizer demand during the winter months, which led to higher sulphuric acid prices.

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