Smelter Bottlenecks

Smelter fees (TC/RCs) remain at near-zero levels, forcing Chinese smelters to reduce output. This midstream squeeze is preventing new mine supply from being converted into refined cathode, keeping the market in deficit.

AI and Grid Demand

Demand from hyperscale AI data centers and global grid modernization projects remains unyielding, providing a firm fundamental floor that offsets the technical selling seen ahead of the Asian holiday.