Midstream Smelter Crisis

Despite record-high prices for refined metal, smelter fees (TC/RCs) have plummeted to $0. Competition for copper concentrate is so fierce that Chinese smelters have agreed to 10% production cuts, further tightening refined supply.

Supply Chain Bottlenecks

A fatal mudslide at the Grasberg mine and tariff-driven inventory builds in the US have created localized scarcity. New projects in Arizona are ramping up, but will not provide relief before the end of 2026.