Commodities
China Copper Output Jumps to Record Despite Low Smelting Fees
This article is for subscribers only.
Chinese copper smelters boosted output to a record high last month, as rising prices for by-products including gold and sulphuric acid eased pressure on margins.
Smelters in the world’s biggest copper producer have struggled with low profitability and pressure for production cuts after their rapid expansion outpaced global ore supplies, pushing processing fees below zero. That blow has been softened this year by gold extending its breakneck rally and more revenue from sulphuric acid that’s sold to other industries.