U.S. Markets closed

Freeport agrees 2020 copper treatment charges at $62/T with Jiangxi Copper

SHANGHAI, Nov 21 (Reuters) - Miner Freeport-McMoRan Inc and China's Jiangxi Copper have agreed treatment and refining charges (TC/RC) of $62 a tonne and 6.2 cents per pound for copper concentrate supply in 2020, a senior Freeport executive said.

The charges, paid by miners to smelters to process ore into refined metal, are 23% lower than the 2019 benchmark of $80.80 a tonne and 8.08 cents per pound, hit by tight concentrate supply and rising smelting capacity in China. (Reporting by Shivani Singh; Editing by Clarence Fernandez)