NewsSignals AI analysis·Reuters·Nov 5, 2026

Falling sulphuric acid prices deepen China's copper smelter squeeze

Grade Abullish AI signal$HG

China's copper smelters are facing a deepening profitability crisis as falling sulphuric acid prices compound record-low copper processing fees, prompting maintenance shutdowns and raising the prospect of production cuts. Chinese sulphuric acid prices fell about 30% in Q3 to 1,484 yuan per ton from a July peak of 2,107 yuan, while spot copper treatment charges hit a record low of minus $246.40 per ton on October 30. Further declines in byproduct prices and processing fees could accelerate smelter cutbacks, constrain refined copper output and tighten supply.

Bullish strength: 65/100

Potential Chinese smelter production cuts could constrain refined copper supply.
Some operators have extended maintenance outages, with output on track for its slowest pace in decades.
China produces more than half of the world's refined copper, giving potential cutbacks significant supply implications.

Bearish strength: 35/100

Falling sulphuric acid prices are eroding a key source of smelter profits.
Spot copper treatment charges reached a record low of minus $246.40 per ton.
Some smelters are already shutting units for maintenance because of declining profitability.
Analysts warn that operating losses could emerge in coming quarters and pressure could intensify in 2027.

This is automated NewsSignals analysis of third-party reporting, not independent original reporting or investment advice. AI scores are not price predictions.

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