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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":805,"relatedVideos":806},207610391710271,"729721e9-4301-45fe-aa72-cc2cc5e01e6c","Record low copper treatment charges supported by alternative smelter revenues ","record-low-copper-treatment-charges-supported-by-alternative-smelter-revenues","article/record-low-copper-treatment-charges-supported-by-alternative-smelter-revenues",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":768,"featured":51,"reporter":769,"component":780,"seo_title":781,"categories":782,"visibility":791,"data_vis_image":792,"featured_image":797,"seo_description":802,"side_panel_banner":581,"formattedDate":803,"formattedArticleDate":804},"0cd643f1-da39-4110-a44b-1714d8166d34","2026-08-10 00:00",[550,553],{"slug":551,"name":552},"copper-prices","copper prices",{"slug":554,"name":555},"data-visualisation","Data Visualisation",[557],{"slug":558,"name":559,"content":560},"benjamin-roche","Benjamin Roche",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor – Energy Transition Supply Chains",{"filename":563},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":567,"attrs":568,"content":569},"doc",{"backgroundColor":49},[570,611,621,658,666,672,680,688,705,713,721,752,760],{"type":571,"attrs":572,"content":573},"paragraph",{"textAlign":49},[574,582,594,599,606],{"text":575,"type":576,"marks":577},"Copper smelter treatment charges (TCs), the charge levied by smelters to process ","text",[578],{"type":579,"attrs":580},"textStyle",{"color":581},"",{"text":583,"type":576,"marks":584},"copper concentrates",[585,592],{"type":586,"attrs":587},"link",{"href":588,"uuid":589,"anchor":49,"target":590,"linktype":591},"/article/copper-group-antofagasta-agrees-spot-index-linked-sales-of-copper-concentrates","76ed6fc8-a433-44d2-93da-7c3107e88241","_self","story",{"type":579,"attrs":593},{"color":581},{"text":595,"type":576,"marks":596},", have hit record lows in recent weeks as a result of years of smelter overcapacity, particularly in China. As of 7",[597],{"type":579,"attrs":598},{"color":581},{"text":600,"type":576,"marks":601},"th",[602,604],{"type":579,"attrs":603},{"color":581},{"type":605},"superscript",{"text":607,"type":576,"marks":608}," August, copper TCs were at -$173/tonne.",[609],{"type":579,"attrs":610},{"color":581},{"type":612,"attrs":613},"blok",{"id":614,"body":615},"7077a810-3212-45d6-bea3-37d427ed586e",[616],{"id":617,"_uid":618,"type":619,"component":620,"fixed_height":581,"use_fixed_height":50,"fixed_height_mobile":581,"fixed_height_tablet":581},"29930118","i-e13e0f32-157f-46c8-b025-6cfdd9e3d448","visualisation","ContentFlourish",{"type":571,"attrs":622,"content":624},{"textAlign":623},"left",[625,630,639,644,653],{"text":626,"type":576,"marks":627},"Copper concentrate supply has not grown quickly enough in recent years to make use of all the ",[628],{"type":579,"attrs":629},{"color":581},{"text":631,"type":576,"marks":632},"additional capacity",[633,637],{"type":586,"attrs":634},{"href":635,"uuid":636,"anchor":49,"target":590,"linktype":591},"/article/copper-supply-expansion-since-2010-offers-reassurance-on-market-tightness-concerns","bf91f239-bb5e-4896-b276-5510df623bb6",{"type":579,"attrs":638},{"color":581},{"text":640,"type":576,"marks":641}," among smelters, but strong ",[642],{"type":579,"attrs":643},{"color":581},{"text":645,"type":576,"marks":646},"byproduct prices",[647,651],{"type":586,"attrs":648},{"href":649,"uuid":650,"anchor":49,"target":590,"linktype":591},"/article/high-metal-prices-and-by-product-gains-increasing-copper-miners-margins","e4f1d900-de59-4799-8ae7-e727f7df87ee",{"type":579,"attrs":652},{"color":581},{"text":654,"type":576,"marks":655},", high premiums, and high copper prices have supported smelters despite dwindling TC proceeds. ",[656],{"type":579,"attrs":657},{"color":581},{"type":571,"attrs":659,"content":660},{"textAlign":623},[661],{"text":662,"type":576,"marks":663},"Since 2021, copper concentrate production has increased by 1.6Mt of copper contained in concentrates; yet in that time, smelting capacity has increased much more, to 5.5Mt. This imbalance is placing heavy downward pressure on TCs.",[664],{"type":579,"attrs":665},{"color":581},{"type":612,"attrs":667},{"id":614,"body":668},[669],{"id":670,"_uid":671,"type":619,"component":620,"fixed_height":581,"use_fixed_height":50,"fixed_height_mobile":581,"fixed_height_tablet":581},"29930199","i-0011036e-03eb-40c1-93f2-290a91a6dfcd",{"type":571,"attrs":673,"content":674},{"textAlign":623},[675],{"text":676,"type":576,"marks":677},"Concentrate production growth has not been notably slow, but rather smelter capacity has grown at a particularly strong pace, a dynamic most pronounced in China. ",[678],{"type":579,"attrs":679},{"color":581},{"type":571,"attrs":681,"content":682},{"textAlign":623},[683],{"text":684,"type":576,"marks":685},"\"Capacity growth among Chinese smelters has been driven by a fight to maintain market share and concerns that the Chinese government may start placing limits on capacity expansion,\" said Albert Mackenzie, a copper analyst at Benchmark. \"Ex-China developments have also exacerbated the tightness of the concentrate market, particularly the arrival of India’s Adani Copper and Indonesia’s export concentrate ban.\" ",[686],{"type":579,"attrs":687},{"color":581},{"type":689,"attrs":690,"content":692},"heading",{"level":691,"textAlign":623},2,[693,700],{"text":694,"type":576,"marks":695},"Support from high premium and byproducts",[696,698],{"type":579,"attrs":697},{"color":581},{"type":699},"bold",{"text":701,"type":576,"marks":702}," ",[703],{"type":579,"attrs":704},{"color":581},{"type":571,"attrs":706,"content":707},{"textAlign":623},[708],{"text":709,"type":576,"marks":710},"Some capacity might be expected to give way given the historic low in TCs. However, TCs aren’t the only way smelters make money. ",[711],{"type":579,"attrs":712},{"color":581},{"type":571,"attrs":714,"content":715},{"textAlign":623},[716],{"text":717,"type":576,"marks":718},"“Premiums, gold, silver, and free copper, all of which have seen highs in recent years, all support smelters as well,” said Mackenzie ",[719],{"type":579,"attrs":720},{"color":581},{"type":571,"attrs":722,"content":723},{"textAlign":623},[724,733,738,747],{"text":725,"type":576,"marks":726},"Sulphuric acid",[727,731],{"type":586,"attrs":728},{"href":729,"uuid":730,"anchor":49,"target":590,"linktype":591},"/article/what-the-sulphuric-acid-supply-crunch-means-for-critical-minerals","89fa6c30-d2f8-47dd-ab8c-c9a7c2cb86f5",{"type":579,"attrs":732},{"color":581},{"text":734,"type":576,"marks":735},", produced as a ",[736],{"type":579,"attrs":737},{"color":581},{"text":739,"type":576,"marks":740},"byproduct in some copper operations",[741,745],{"type":586,"attrs":742},{"href":743,"uuid":744,"anchor":49,"target":590,"linktype":591},"/article/explained-how-opposing-pressures-from-iran-war-are-keeping-copper-price-steady","ed7c7eb1-1019-47c3-a66d-a91a41dacb06",{"type":579,"attrs":746},{"color":581},{"text":748,"type":576,"marks":749}," has also helped smelters push the TCs lower as the price for acid has risen significantly since the outbreak of the US-Iran conflict.  ",[750],{"type":579,"attrs":751},{"color":581},{"type":571,"attrs":753,"content":754},{"textAlign":623},[755],{"text":756,"type":576,"marks":757},"Despite these additional revenue sources, some smelters have closed. The Philippine Associated Smelting and Refining (PASAR) facility, formerly owned by Glencore, and Sinomine’s Tsumeb, Namibia, site have both closed. However, thin the broader picture of surplus smelter capacity, these closures do not significantly impact the overall picture. ",[758],{"type":579,"attrs":759},{"color":581},{"type":612,"attrs":761},{"id":762,"body":763},"e595afe9-61ae-42ba-bae4-b90311447a72",[764],{"_uid":765,"type":766,"component":767,"episode_id":581,"wrap_in_box":50,"player_title":581,"episode_limit":581},"i-525d94e3-b701-4e73-bf27-0e622076880a","show","ContentPodcastPlayer","Copper smelter treatment charges (TCs), the charge levied by smelters to process copper concentrates, have hit record lows in recent weeks as a result of years of smelter overcapacity, particularly in China. As of 7th August, copper TCs were at -$173/tonne. \nConcentrate supply has not grown quickly enough in recent years to make use of all the additional capacity among smelters, but strong byproduct prices, high premiums, and high copper prices have supported smelters despite dwindling TC proceeds. ",[770],{"slug":771,"name":772,"content":773},"albert-mackenzie","Albert Mackenzie",{"job_title":774,"image":775,"bio":777,"linkedin":778,"markets_covered":779},"Copper Analyst & Market Reporter",{"filename":776},"https://a.storyblok.com/f/287943243085208/717x799/ffff7198e8/albert.jpeg","Albert is Benchmark's copper reporter, covering both supply and demand on the short term and adding narratives to the data and price movements. Albert writes the copper briefing and a lot of Benchmark's near term copper coverage.","https://www.linkedin.com/in/albert-mackenzie-b34681149/","Copper","article","Record low copper TCs supported by alternative smelter revenues ",[783,785,788],{"slug":784,"name":779},"copper",{"slug":786,"name":787},"raw-materials","Raw Materials",{"slug":789,"name":790},"critical-minerals","Critical Minerals","private",{"id":793,"alt":581,"name":581,"focus":581,"title":581,"source":581,"filename":794,"copyright":581,"fieldtype":795,"meta_data":796,"is_external_url":50},207612020347034,"https://a.storyblok.com/f/287943243085208/1588x1434/99760766af/copper-conc-vs-smelter-cap-2x.png","asset",{},{"id":798,"alt":581,"name":581,"focus":581,"title":581,"source":581,"filename":799,"copyright":581,"fieldtype":795,"meta_data":800,"is_external_url":50},207611015208970,"https://a.storyblok.com/f/287943243085208/5551x3701/293d9536f3/copper-smelting.jpeg",{"size":801},"5551x3701","Copper smelter treatment charges (TCs), the charge levied by smelters to process copper concentrates, have hit record lows in recent weeks as a result of years of smelter overcapacity, particularly in China. As of 7th August, copper TCs were at -$173/t.","Aug 10, 2026","10th August 2026",[],[],1786466374770]