Aurubis had previously said it wanted the LME to impose an immediate ban on Russian metal due to risk of warehouses filling up.

The charges, paid by miners to smelters to process ore into refined metal, are the highest since 2017 and 35% higher than the 2022 benchmark.

Three of China's biggest commercial banks have agreed to provide fundraising support to property developers.

China's copper scrap import growth is expected to decline in the fourth quarter due to volatility in exchange rates and price fluctuations.

Surplus will have evaporated by the end of the decade, BHP's Chief Development Officer Johan van Jaarsveld said.

Smelter executives on Thursday called on miners to pay higher treatment and refining charges.

The Chilean mining giant will reduce shipments to customers under annual contracts for 2023 by around 10%, in line with the decline in its refined metal production.