Hi Alee
My understanding of the reduced processing charge is that it results from Smelters competing for the raw product and the reduced smelting charge reflects a supply deficit. As you allude to, the lower copper price doesn't figure, but I think the big picture still says - Cu shortage in the medium term albeit there are cracks emerging in the "green dream", although momentum will promote the thematic for some time yet.
Broker Coverage, page-36
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