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On Friday, September copper prices fell by over 1% to $5.0450 per pound ($11,120 per tonne) on the Comex market as traders took profits after five consecutive days of gains. In contrast, benchmark 3-month copper traded higher at $9,887 per tonne on the London Metal Exchange (LME).
Chinese smelters have agreed to process copper from Antofagasta without charges, covering half of the miner’s 2026 copper concentrate production. This agreement occurs as spot treatment charges are at a record low of –$43 per tonne. In an upcoming export surge, at least 30,000 tonnes of copper are expected to be delivered to LME warehouses from companies like Jiangxi Copper and Tongling Nonferrous Metals Group.
Goldman Sachs projects LME prices to peak at approximately $10,050 per tonne in August, driven by tightening supplies outside the US, although prices may retreat below $10,000 following anticipated 25% import tariffs in September.
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