Supply Disruptions Drive Copper TC to Three-Year Low; Smelters May Cut Production

• The copper market has experienced significant changes in the past few months, with supply constraints and increased demand from smelters in China.
• Major incidents, such as the suspension of production at First Quantum's Cobra Panama mine, have contributed to a deficit in the market.
• Treatment and refining charges (TCRCs) have been on a downtrend, reflecting the tight supply and increasing demand, leading to more spot transactions in the market.

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