[SMM Analysis:Overview of Q4 Copper Production of the Top 20 Global Mining Companies in 2025] According to SMM statistics, copper production by the world's top 20 mining companies in the fourth quarter of 2025 stood at 3,526 kt, a 2.1% increase quarter-on-quarter but a 10.5% decrease year-on-year.

SMM Morning Meeting Minutes: LME copper opened at $12,965/mt overnight, hitting an early high of $13,000/mt before its price center declined and touched a low of $12,783/mt, then maintained a "W" pattern, ultimately closing at $12,855/mt, down 1.42%. Trading volume reached 30,000 lots, an increase of 3,970 lots from the previous session; open interest stood at 324,000 lots, a decrease of 8,112 lots from the previous session, reflecting an overall reduction in long positions. The most-traded SHFE copper 2603 contract opened at 100,430 yuan/mt overnight, touching an early low of 98,550 yuan/mt before its center fluctuated upward to a high of 101,400 yuan/mt, ultimately closing at 101,130 yuan/mt, down 1.34%. Trading volume reached 105,000 lots, a decrease of 181,000 lots from the previous session; open interest stood at 179,000 lots, a decrease of 3,493 lots from the previous session, reflecting an overall reduction in long positions.

On June 11 (Wednesday), the Chilean Copper Commission (Cochilco) stated that in April, Codelco's copper production increased 20.5% YoY to 114,600 mt.

Recently, the copper market has shown stability, with copper prices continuing to fluctuate rangebound near the 5-day moving average.

》Check SMM metal quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo On May 9, the SMM Imported Copper Concentrate Index (weekly) was reported at -$43.11/dmt, a decrease of $0.5/dmt from the previous -$42.61/dmt. The pricing coefficient for 20% grade domestic trade ore was 93%-95%. During the Labour Day holiday, the market sentiment for spot cargo transactions was relatively active. A trader sold 10,000 mt of bundled clean ore to a small smelter at a price in the mid-to-low -$40/dmt range, with a QP of M+1/5 and a loading period of June/July. Another trader sold a small long-term contract of 40,000 mt of clean ore to a smelter, with a TC in the mid-to-low -$40/dmt range, and shipments of 10,000 mt per quarter from H2 2025 to H1 2026. A trader sold 10,000 mt of high-grade ore + 10,000 mt of clean ore to a smelter at a price in the low -$40/dmt range, with a QP of M+1/5 and a loading period of June/July. Multiple smelters received offers from traders, all for bundled clean ore, with offer prices ranging from mid -$40/dmt to mid-to-high -$40/dmt. Currently, traders still have a significant amount of spot cargo positions for June loading. The tender results for Newmont's mines were announced, with 10,000 mt of Cadia copper ore priced at -$72/dmt and 10,000 mt of Cadia ore priced at -$79/dmt, with a loading period of July. The tender results for Red Chris, another mine under Newmont, have not yet been announced. According to SMM, the belt conveyor terminal (unloading port) at Patache Port was damaged during operation due to a collision with a vessel. Cargo loading operations at the port were halted two weeks ago, and repair work has already commenced. The estimated repair time is at least two months. Before the repairs are completed, Collahuasi copper concentrates that were previously shipped through Patache Port will be transported by truck from the neighboring Mejillones and Angamos ports, which has not significantly impacted the shipment of Collahuasi copper concentrates. The mid-year negotiations between Antofagasta and Chinese smelters are expected to officially commence by month-end. Given the current poor spot market environment and severely imbalanced supply-demand balance, sources indicate that miners are expected to start negotiations from $0/dmt. The SMM copper concentrate inventory at nine ports was 903,000 mt as of May 9, an increase of 64,700 mt from the previous period. The main increase came from Jinzhou Port, where the copper concentrate inventory increased by 44,000 mt WoW this week. 》Check SMM metal industry chain database

["[Codelco's Copper Production Climbs 14.8% in March, Escondida's Copper Production Up 18.9% YoY] On May 8 (Thursday), data released by Chile's National Copper Commission (Cochilco) showed that state-owned miner Codelco's copper production in March increased by 14.8% YoY to 123,200 mt. Cochilco announced that BHP's Escondida mine saw its copper production in March rise by 18.9% YoY to 120,600 mt. (Webstock Inc.)"]