China Copper Smelters Match Record as Foreign Rivals Falter

Chinese copper production stayed at record levels last month, despite a plunge in the fees charged by smelters, piling the pressure on operations elsewhere in the world that compete for feedstock.

Output of refined copper matched the previous month’s all-time high of 1.254 million tons, although there was an extra day in May. That pushed volumes over the first five months 8% above last year’s level, even as spot treatment charges have turned deeply negative as too much capacity chases insufficient supplies of ore.