China’s copper smelters keep output at record highs — Bloomberg

China’s copper output stayed at record highs last month even as smelter processing fees plunged, tightening global competition for feedstock, Bloomberg reports.

China’s refined copper output hit 1.254 million tons again in June, matching May’s all-time high, according to the news agency’s data. Despite negative treatment charges driven by ore shortages and smelter overcapacity, the country’s production of the metal still climbed 8% year-on-year over the first five months of 2025.

Under these conditions, smelters outside China are facing significant challenges. Japan’s JX Advanced Metals Corp., for instance, is already considering production cuts due to copper concentrate shortages, says Bloomberg.

The deficit of ore has prompted mining companies to demand negative treatment charges. Such a move could squeeze smelter margins. As a result, copper prices on the London Metal Exchange edged 0.5% lower to $9,600 per ton, according to the report.