The processing and refining fee for copper concentrate in China continued to decline last week, and the market expects that the supply of copper concentrate will remain tight next year. The weekly purchasing index of Agios plants dropped from -43.30 US dollars/ton and -4.33 cents/pound on December 12th to -43.70 US dollars/ton and -4.37 cents/pound on December 19th. The purchasing index of traders dropped from -101.00 US dollars/ton and -10.10 cents/pound to -101.40 US dollars/ton and -10.14 cents/pound. The average weekly copper concentrate TC/RC index of Agios dropped from -72.15 US dollars/ton and -7.215 cents/pound on December 12th to -72.55 US dollars/ton and -7.255 cents/pound on December 19th. A batch of 20,000 tons of mixed ore was purchased by the冶炼 plants at a processing fee of -41 US dollars/ton, with the quotation period being M+1/5, and to be delivered in January-February. The transactions in December were limited, but some traders stated that the plants were reluctant to disclose the transactions to the public, possibly because the China Nonferrous Metals Industry Association urged the plants to reject negative processing fees. Large-scale copper smelters in China, Jiangxi Copper and Chilean mining company Antofagasta, agreed to set the processing fee for copper concentrate in 2026 at 0 US dollars/ton and 0 cents/pound, which is lower than 21.25 US dollars/ton and 2.125 cents/pound in 2025. China called on domestic sulfuric acid suppliers to set a price ceiling for domestic prices on December 11th. Market sources told Agios that on December 11th, the sulfuric acid price at the factory in Shandong was 1,020-1,030 yuan/ton (153-160 US dollars/ton), the sulfuric acid price at the delivery point in Guangxi was 1,100 yuan (156 US dollars/ton), and the factory price in Anhui was 980 yuan/ton (153 US dollars/ton). According to Agios' estimation, the profit of the by-product sulfuric acid from Chinese copper smelters reached 3,000-3,700 yuan/ton, which was higher than the smelting cost of 2,000-2,500 yuan/ton. Mining dynamics Glencore acquired the Peruvian mining company Compania Minera Quechua, obtaining full ownership of its assets, including its flagship Quechua copper project. Canadian regulatory authorities have approved the merger of the British-South African producer Anglo American and the Canadian producer Teck Resources, enabling the two to form a global iron ore, copper, zinc and coking coal enterprise headquartered in Canada.
