Rio Tinto’s Oyu Tolgoi gold-copper mine in Mongolia announced on social media the resumption of copper concentrate shipments. The mine had announced the previous day that from 9 a.m. local time on June 17, civil groups blocked a concentrate transport route at the mine, causing a halt to planned concentrate shipments. Oyu Tolgoi is one of the world’s most important copper mine projects and is critical to Rio Tinto’s copper sales growth strategy. The mine is still ramping up to operate at full capacity and is expected to become the world’s fourth-largest operating copper mine. Meanwhile, the project is also vital to Mongolia’s economy, with its exports accounting for a significant portion of the country’s GDP.

[SMM Imported Copper Concentrate] Market rumors say that the results of KGHM's tender for 30,000 mt of Sierra Gorda copper concentrates last week were announced, with transaction prices of -$220/dmt (August), -$218/dmt (August-September), and -$210/dmt (Q4).

According to market sources, Chilean miner Antofagasta has recently proposed to several major Chinese copper smelters that mid-year copper concentrate contracts be priced using spot-market TC/RC indexes rather than the traditional fixed benchmark TC/RC structure. Since the 1980s, annual benchmark treatment and refining charges (TC/RCs) have been established through negotiations between leading miners and smelters, serving as a reference point for copper concentrate contracts worldwide. However, the benchmark system is facing growing pressure as global copper concentrate supply tightens, smelting capacity continues to expand, and spot TC/RCs fall to unprecedented lows. As of June 12, 2026, the SMM Imported Copper Concentrate Index had declined to a record low of -US$119.84/mt. If more miners move toward index-linked pricing mechanisms, the long-standing benchmark TC/RC pricing system could face a fundamental shift.

SMM Morning Meeting Minutes: Overnight LME copper opened at $13,813/mt. At the open, copper prices showed wild swings, dipping to $13,776.5/mt during the session. Then the price center fluctuated upward, touching a high of $13,835.5/mt near the close, and finally closed at $13,835/mt, up 0.13%. Trading volume reached 11,500 lots, and open interest stood at 251,000 lots, down 7,579 lots from the previous trading day, indicating a reduction in bearish positions. Overnight, the most-traded SHFE copper 2607 contract opened at 105,280 yuan/mt. In early trading, it hit a high of 105,580 yuan/mt, then the price center dipped to 105,210 yuan/mt. Subsequently, the center fluctuated upward, and finally closed at 105,510 yuan/mt, up 0.1%. Trading volume reached 18,000 lots, and open interest reached 122,000 lots, down 2,119 lots from the previous trading day, indicating a reduction in bearish positions.

[SMM Imported Copper Concentrates] According to foreign media reports, starting from 9:00 AM local time on June 17, transportation at the Oyu Tolgoi copper mine in Mongolia was hindered as protesters blocked a critical transport route from the mine to the Chinese border, preventing the normal dispatch of copper concentrate trucks. Oyu Tolgoi is 66% owned by Rio Tinto and 34% by the Mongolian government, with Rio Tinto overseeing operations. The Oyu Tolgoi side stated that this hindered transportation may pose contract fulfillment risks and affect Mongolia's national budget.

[SMM Spot Copper Concentrates] According to market rumors, the tender result of a large mine was released last week, where 60,000 mt of spot copper concentrates were traded through traders at TCs of -$220/dmt to -$225/dmt, far exceeding market expectations.