The copper concentrate processing and refining fees (TC/RCs) at Chinese smelters remained stable last week, with supply shortages limiting spot transactions. The Agence France-Presse (Agence) smelter weekly purchase index was at -49.70 US dollars/ton and -4.97 cents/pound on January 30th, remaining the same as the previous week. The trader purchase index also remained unchanged at -106.10 US dollars/ton and -10.61 cents/pound. The Agence weekly copper concentrate TC/RC average index was -77.90 US dollars/ton and -7.79 cents/pound, also remaining the same. Market sources indicated that the intended transaction prices for the smelters' shipments in February-March of the past week ranged from -50 to -51 US dollars/ton. Spot quotations were mostly in the -50 US dollar midpoint/ton range, while the smelter counter-offers were generally in the -40 US dollar high/ton to -50 US dollar/ton range. Due to the increasing difficulty of direct negotiations for fixed TC, smelters have reached more transactions with sellers this year that are linked to the smelter's purchase TC index. It is reported that a trader sold a batch of mixed ore to a smelter last week, priced according to the smelter's purchase index.
Market participants stated that the tender results for Constancia copper concentrate were announced, with a TC of -125 US dollars/ton for 2026, and -60 to -70 US dollars/ton for 2027-2028, covering a supply of 20,000 tons per year. The Chilean mining group Antofagasta's copper production in 2025 decreased slightly, and did not meet the annual production guidance. The copper production in 2025 was 653,700 tons, a 1.6% decrease from 2024, and did not reach the previous expected range of 660,000-700,000 tons. Global mining group Glencore's own copper production in 2025 decreased, mainly due to the reduction in ore grade and the impact of mining plans on the output of several key mines. Its own copper production in 2025 was 851,600 tons, a 11% decrease from the previous year. Driven by the strong performance of the Brazilian Salobo mine and the Canadian Voisey's Bay project, Brazilian mining company Vale exceeded its 2025 copper and nickel production guidance. The copper production in 2025 reached 382,400 tons, an increase of 9.8% from the previous year.
