2026-08-04
LME copper rose 1.4% over the week and stabilized near $13,800 per tonne. Copper concentrate treatment charges (TCs) plunged to deeply negative territory at -$159 per dry metric tonne, and the shortage of mine raw materials cannot be alleviated in the short run. Major copper mines in Chile continue production cuts amid operational incidents. Sustained drawdowns in global refined copper inventories underpin high copper prices. Below is an in-depth analysis: