It is said from the chief negotiator for Tongling Nonferrous Metals Group Wednesday that Chinese copper smelters will agree to a settlement price on 2010 copper treatment and refining charges with U.S.-based Freeport McMoRan Copper & Gold Inc. (FCX) at $46.50 a metric ton and 4.65 cents a pound.

“China will accept the TC/RCs that were settled between Japanese smelters and Freeport,” said Yang Jun, who also leads the China Smelters Purchase Team.

He said that so far, the deal is with Freeport.

The settlement is roughly midway between $50/ton and 5 cents/lb that the smelters had sought and $43/ton and 4.3 cents/lb that miners wanted.