In short: Concentrate-crisis exhibit — its benchmark annual deal with Chinese smelters closed at zero dollars per tonne; TC/RCs are now negative (below -$110/tonne).
In short: Concentrate-crisis exhibit — its benchmark annual deal with Chinese smelters closed at zero dollars per tonne for 2026; Japanese/Korean/European smelters are still holding out against zero.
Antofagasta is a giant Chilean copper miner. The fee it normally charges (via smelters) to process ore has collapsed to zero — meaning smelters are so desperate for ore they'll process it for free. Prins reads that as a flashing signal that there isn't enough mined copper to go around, the opposite of a surplus.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.