Copper price News Today: Base metal prices are mixed, with LME three-month copper roughly steady at $9,954 a tonne and LME three-month aluminium up 0.1% to $2,665 a tonne. Trading in base metals is quiet as China celebrates the last day of the Golden Week holiday.
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Copper remains near $10,000 a tonne, analysts at SP Angel say, citing a Bloomberg report, as players in the copper smelter industry are reportedly discussing shutting down capacity amid lower processing fees. A huge rollout of smelter capacity in China, Indonesia and Congo is increasing competition for ore, driving down the fees charged to miners.
Shutting down smelter capacity could, instead, provide some buoyancy to refined copper prices, SP Angel says.
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