BESSENT SAYS EUROPE MUST BETTER POLICE IRAN SHADOW FLEET

Several of China’s major copper smelters convened in Beijing on Tuesday with government officials ahead of mid-year negotiations with global miners over processing fees for the July 2026 cycle. The meeting included representatives from the state-backed China Nonferrous Metals Industry Association (CNIA) and focused on output planning and fee-setting strategies. Processing fees, also known as treatment and refining charges, have reached record lows due to a global concentrate shortage. Last year, Chinese smelters agreed with Chilean miner Antofagasta to set 2026 calendar-year fees at zero, mirroring mid-2025 levels. Spot treatment charges for imported concentrate remain negative, at minus $102.60 per metric ton on May 15, up from minus $96 the previous week. Despite an agreement in November 2025 to cut concentrate-fed supply by more than 10% to address overcapacity, first-quarter refined copper output rose 9.3%, and guidance from leading smelters suggests limited production restraint for the remainder of the year. The National Development and Reform Commission (NDRC) signaled in March that capacity management would continue in copper smelting and alumina, though no detailed measures were disclosed. Tuesday’s discussions reportedly covered first-quarter output and plans for the second quarter, signaling coordination between industry players and regulators ahead of critical fee negotiations.

澳洲联储会议纪要：八名成员认为加息的理由最为强烈，一名成员希望等待更多信息。