The copper smelting industry is navigating rough waters as processing fees for converting mined concentrate to refined metal have collapsed, mainly due to China's aggressive increase in smelting capacity.This rapid expansion has driven smelters to depend on by-products such as gold, silver, and sulfuric acid to maintain profitability. The situation has significant implications for the global and copper concentrates markets, urging a shift towards on-spot index pricing over traditional benchmark deals.The industry struggle is compounded by modern technology's role in precious metal recovery and sulfuric acid arrangements, with older smelters at a distinct disadvantage, particularly outside China, as production pressures…