People in the industry: copper processing fees are expected to fall to the lowest level in 10 years next year.

SMM: traders and analysts said that benchmark processing costs for copper concentrates next year could fall for the sixth consecutive year and fall to around $60 a tonne, the lowest level since 2011, due to a rebound in demand for refined copper, although supply is expected to recover. Miners pay a processing and refining fee (TC/RCs) to the smelter to process the copper concentrate into refined copper, thus offsetting the cost of the ore itself. The cost usually falls when the supply of copper concentrate is tight and smelters have to accept lower fees to obtain raw materials. Colin Hamilton, general manager of commodities research at BMO, said processing and refining fees for next year would be $60 per tonne and 6 cents per pound, and "slightly downward". In 2020, the benchmark is set at $62 per ton and 6.2 cents per pound.

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