Commodities
China Demands Copper Supply Commitments for Anglo Teck Merger Approval
China's antitrust regulator has asked Anglo American to commit to supplying copper concentrate to China as a condition for approving its proposed $54 billion merger with Teck Resources.
The demand reflects China's struggle to feed its vast copper smelting industry, which refines up to 60% of the world's copper cathodes but faces its worst feedstock shortage in decades.
Chinese refined copper output is expected to grow at its slowest pace since at least 2000 this year as smelters compete for raw material, while falling prices for byproduct sulphuric acid squeeze profitability.