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Copper treatment & refining charges (TC/RCs) continue to fall. Bloomberg estimates are NEGATIVE $150 per dry metric tonne of concentrate (see chart)… according to Argus’ daily CIF China spot rates are NEGATIVE $175 per tonne… on current trades we are now hearing close to NEGATIVE $200 per tonne. Smelter capacity, particularly in China, has grown far faster than mine supply, leaving too little concentrate to feed the world’s smelters. The bigger story is that mining copper is brutally hard… Building smelters is measured in years… and building mines is measured in decades.

We're proud to announce our graduation to the OTCQX® Best Market (OTCQX: FTZFF), upgrading from OTCQB. This milestone boosts visibility and liquidity for U.S. investors while underscoring our commitment to top-tier governance and long-term shareholder value. As Chairman Campbell Smyth notes: “We are excited to have qualified for graduating to the OTCQX Market. This graduation improves our visibility to U.S. investors, increases liquidity, and highlights our commitment to creating long-term value for shareholders, as we advance the Buen Retiro and Caballos Copper Projects in Chile.” Our shares are now trading on OTCQX under “FTZFF,” with real-time quotes and financial disclosures available at https://t.co/PpJMl2JmYg. $FTZ.CN $FTZFF

Historic copper squeeze continues on the LME as cash copper trades at a $379/t premium to three months. This is the highest level since 2021 and is signaling a chronic shortage of copper metal. Less than 50,000 tonnes are said to be available from the LME copper stocks. As the USA and China are still sucking in cathodes, there does not appear to be sufficient metal available.

Goldman Sachs update on copper: The deescalation in trade tensions and resilient Chinese copper demand will likely continue to support the copper price in the coming months, and we upgrade our 2Q/3Q price forecast to $9,330/$9,150/t from $8,620/$8,370 previously. In particular, we see high US copper imports drawing ex-US stocks lower for the remainder of 2Q, tightening LME forward spreads and discouraging new speculative short positions.

Morgan Stanley on copper: The physical copper market looks tight ... In China, inventories are drawing rapidly and the Yangshan premium is rising, both LME and Shanghai copper are in backwardation and treatment charges are turning even more negative, suggesting challenges in sourcing copper concentrate  (Codelco cu concs tender this week, - 80/8 TCRC for 2H25, - 40/4 TCRC for 1H26). After a slow start to the year, China's copper import demand appears to be improving. This can be seen in rising physical premiums (the Yangshan premium is now $93/t, the highest since late 2023), a rebound in refined copper imports in March (+12%), and challenges securing scrap metal which are translating into even lower treatment charges at smelters as they compete to secure copper concentrate.