Group 1 - Freeport-McMoRan plans to exit the benchmark pricing system for copper concentrate to protect smelter profitability [2] - The TC/RC fees, crucial for smelter operations, typically account for nearly one-third of smelter revenue [2] - Historical low TC/RC fees are expected to continue into 2026, with predictions of a potential negative pricing scenario [2][3] Group 2 - Javier Targhetta, responsible for large supply agreements for over 30 years, expresses concern over the sharp decline in processing fees [3] - China, as the largest copper consumer, faces three major challenges: rising dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3]