Copper Concentrate TC Index Hits Record Low, Smelter Pressures Mount Amid Maintenance and Supply Constraints

Published: Sep 18, 2026 15:02

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On September 18, 2026, the SMM spot copper concentrate TC index fell to a record low of -$221.89/dmt. The 2026 benchmark processing fee for imported copper concentrate long-term contracts is zero, and copper anode RCs are also at historical lows, with copper anode supply remaining tight. By-product sulphuric acid prices have been pulling back for about two and a half months, and by-product profit contribution continues to shrink, driving mounting pressure on smelting operations. From October to November, multiple domestic copper smelters plan to carry out maintenance, with limited cold material replenishment. Under raw material constraints, copper cathode production faces downward pressure. According to market sources, some smelters have already signaled intentions to cut production and have advised clients that long-term contract deliveries will be reduced, though the extent remains unclear. Going forward, attention will focus on the implementation of maintenance, the scope of production cuts, and the marginal impact of sulphuric acid price trends on smelter operating rates.

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