Copper Hits Record $14,779/Ton as Smelters Face Losses on Every Ton

LME three-month copper set an all-time high of $14,779/ton on Tuesday, up ~18% YTD, while smelters reportedly lose money on each ton processed. The divergence signals a structural squeeze in concentrate supply versus refined metal demand, with implications for downstream pricing and industrial margins. The sustainability of the rally hinges on whether smelter losses force output cuts, tightening refined supply further.