Totally agree @Bayhunter . We know 99.99% pure copper cathode...

Totally agree @Bayhunter . We know 99.99% pure copper cathode attracts a premium to the LME copper price. Also saves costs in the smelting process as near pure copper doesn't have to go through all the smelting stages to turn it into rod, wires or pipe.
see Post #: 64670206
How high can the premium appreciate when there is a shortage of inventory mixed with a lack of supply, mixed with high gas and coal prices? Glencore and others have already significantly increased their smelting costs for concentrates and suspended zinc & aluminium smelters in 2022, due to the high running costs of gas.

Just as a side note; Glencore operates the Philippine Associated Smelting and Refining Corp. (PASAR) in Leyte, Philippines. It owns 78 percent of the country’s lone copper smelting plant, which has an annual processing capacity of 720,000 tons of copper concentrate and the refinery has an annual capacity of 215,000 tons of cathodes.

2023 terms negotiated by Freeport McMoRan and Chinese smelters, will be $88 per tonne and 8.8 cents per lb, up 35% on this year and the highest annual charges since 2017.

2015 was even more remarkable when you take into account copper comex was trading between US$2.93/Lb peak to US$2.13/Lb at years end, while averaging around $2.66/Lb (US$5,864/t for the year)