SMM Morning Meeting Summary: Overnight, LME copper opened at $13,237/mt, touched a low of $13,213/mt early in the session before the center fluctuated upward, reached a high of $13,330/mt and then began to fluctuate downward, ultimately closing at $13,245/mt, down 0.78%, with trading volume at 18,000 lots and open interest at 281,000 lots, an increase of 478 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,500 yuan/mt, quickly tested a high of 102,830 yuan/mt early in the session, then copper prices dropped sharply to a low of 102,280 yuan/mt, and subsequently fluctuated downward to ultimately close at 102,490 yuan/mt, down 0.13%, with trading volume at 31,000 lots and open interest at 199,000 lots, an increase of 2,351 lots from the previous trading day, indicating bears adding positions.

On April 20 (Monday), two industry sources said that Zambia's two largest copper smelters and sulphuric acid producers plan to carry out extended maintenance shutdowns later this year, which will further squeeze the country's copper production and the supply of sulphuric acid used to process copper and cobalt. The Iran war has disrupted global supplies of this critical acid and other leaching chemicals, forcing mines in neighboring Congo, the world's largest cobalt producer and second-largest copper producer, to reduce usage or consider production cuts. Zambia's mining ministry said that, as Africa's second-largest producer of critical metals needed for clean energy technologies, the country's copper smelters generate approximately 2 million mt of sulphuric acid annually, mainly as a by-product for use by local mines, with the surplus exported to the DRC. First Quantum Minerals' country head in Zambia said that Zambia's own sulphuric acid inventory had been severely depleted, leaving virtually no export capacity. Meanwhile, miners in neighboring DRC were also struggling to cope with tightening chemical supplies. *Mopani's long-overdue maintenance* A chemicals trader said that although copper smelters typically shut down for about 30 days each year for routine maintenance, Mopani and Chambishi copper mines will face longer shutdowns this year. A mining executive said Mopani copper mine had not undergone maintenance for some time and plans to shut down for three days in June, followed by an extended shutdown of approximately 40-45 days, August-mid-September. The chemicals trader said Chambishi copper mine plans to shut down for approximately two months throughout August, but did not elaborate on the reasons for the planned extended shutdown. Zambia tightened controls on sulphuric acid exports this month, requiring traders to obtain permits. The country said the move was aimed at protecting domestic industries. First Quantum's Zambia country director Anthony Mukutuma said the measures were reasonable but exports were unlikely in the short term. *Global copper supply expected to decline* Global copper supply will tighten this year as years of underinvestment have constrained mine production growth. Zambia produced 890,346 mt of the red metal last year, falling short of the 1 million mt target. Meanwhile, according to shipping data, Congo's copper exports declined in Q1 this year. The mining executive said Mopani copper mine was operating well below its 225,000 mt finished copper capacity due to a shortage of copper concentrates caused by years of underinvestment. The executive said the main owner, UAE-based International Resources Holding, was simultaneously developing and mining the mine, which forced intermittent production stoppages and further constrained output. (Wenhua Consolidated)

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,398/mt, dipped to a low of $12,280/mt early in the session, then the price center rose to test a bottom at $12,755.5/mt, and finally moved sideways to close at $12,705.5/mt, up 3.06%, with trading volume at 28,000 lots and open interest at 294,000 lots, down 357 lots from the previous trading day, mainly driven by bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 98,080 yuan/mt, touched a high of 98,500 yuan/mt early in the session, then the price center fluctuated lower to test a bottom at 97,890 yuan/mt, and finally closed at 98,330 yuan/mt, up 0.11%, with trading volume at 33,000 lots and open interest at 178,000 lots, down 3,110 lots from the previous trading day, mainly driven by bears reducing positions.

Panama’s government expects to issue a resolution by Tuesday allowing First Quantum Minerals to remove stockpiled ore from the closed Cobre Panama copper mine, Trade Minister Julio Molto said Monday.The mine holds about 38 million metric tons of stockpiled ore, which could yield roughly 70,000 tons of copper. First Quantum has said processing could begin about three months after formal approval and take around a year to complete.

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $12,871/mt. It hit a high of $12,942/mt amid wide swings early in the session, after which the center of copper prices gradually moved lower and fell to $12,733/mt near the close, finally settling at $12,735.5/mt, down 1.64%. Trading volume reached 22,600 lots, and open interest stood at 307,000 lots, an increase of 3,144 lots from the previous trading day, mainly due to bears adding positions. Last Friday night, the most-traded SHFE copper 2604 contract opened at 100,520 yuan/mt and climbed to 100,760 yuan/mt early in the session. Afterwards, the center of copper prices fluctuated downward and touched a low of 99,710 yuan/mt near the close, with a decline of 0.86%. Trading volume reached 38,900 lots, and open interest stood at 190,000 lots, a decrease of 930 lots from the previous trading day, mainly due to bulls reducing positions.

Canada-based First Quantum Minerals will sell its Çayeli mine in Turkey to Cengiz Holding for $340 million in cash as part of its portfolio optimization strategy.Cengiz Holding will acquire the underground copper-zinc mine through its subsidiary CengizInsaat.First Quantum Chief Executive Officer Tristan Pascall said, "The sale reflects the company's disciplined approach to portfolio management while focusing on its core strategic priorities."The transaction remains subject to regulatory approvals and is expected to be completed in Q2 or Q3 of this year.