China smelters keep Q4 copper guidance price at six-year high

BEIJING, Sept 22 - China's top copper smelters maintained their fourth-quarter guidance for copper concentrate processing treatment and refining charges at a six-year high amid expectations of ample supply in the market.

This rate is the same as that in the third quarter and the highest since the fourth quarter of 2017. It is higher than this year's annual benchmark of $88/8.8 settled by Chinese smelters and global miners. The expectation of ample supply was mainly thanks to a production ramp-up at Canadian miner Teck Resource's Quebrada Blanca Phase 2 copper project in Chile, after it started production earlier this year, one of the sources said.

China's August imports of copper ore and concentrate hit a record monthly high of 2.7 million metric tons, bring its total imports in the first eight months to 18.1 million tons, up 9% from the same period last year, according to China customs data.

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