On June 27th Chinese copper smelters reached a remarkable agreement that will be etched into the annals of global commodities trading. Negotiations between a consortium of Chinese smelters and Chilean miner Antofagasta LON:ANTO concluded with an unprecedented outcome: treatment and refining charges (TC/RCs) for copper concentrates were set at zero. This outcome is emblematic of a broader shift in the balance of power across the copper supply chain. For decades, smelters have relied on TC/RCs as a key component of their profitability. These fees, paid by miners to smelters for converting raw copper concentrate into ... (full story)