SMM Morning Meeting Minutes: LME copper opened at $13,055/mt overnight, initially hitting a low of $13,052.5/mt, after which copper prices fluctuated upward, approaching the session high of $13,228/mt before finally settling at $13,195/mt, up 2.28%. Trading volume reached 26,000 lots, an increase of 13,977 lots from the previous trading day; open interest stood at 317,000 lots, a decrease of 1,210 lots from the previous trading day, with the overall performance mainly characterized by short covering. The most-traded SHFE copper 2603 contract opened at 101,650 yuan/mt overnight, initially hitting a high of 102,230 yuan/mt, after which the price center declined to hit bottom at 101,200 yuan/mt, before finally fluctuating rangebound and settling at 101,860 yuan/mt, up 0.25%. Trading volume reached 29,000 lots, a decrease of 42,000 lots from the previous trading day; open interest stood at 123,000 lots, a decrease of 7,789 lots from the previous trading day, with the overall performance mainly characterized by short covering.

Codelco submitted a plan to resume underground mining in areas of the El Teniente complex unaffected by a collapse that killed six people and injured another nine, according to people briefed on the matter.

[Partial Power Restoration in Chile, Copper Mines Gradually Resume Production] Webstock Inc., citing foreign media on February 26, reported that Chilean authorities stated the country's major copper mines were resuming operations on Wednesday following a massive power outage. Power companies are working to fully restore the power system. The outage, caused by a fault in power transmission lines in the northern part of the country, occurred around 3 p.m. on Tuesday, plunging much of the country into darkness and causing power outages at major mines, which impacted the global metals market.

[Large-Scale Power Outage Affects Chilean Copper Mines, No Timetable for Restoration Yet] According to Webstock Inc., citing foreign media on February 25, a large-scale power outage occurred in vast areas of Chile on Tuesday, disrupting mining operations in the world's largest copper-producing country and causing power outages for residents in Santiago. Ernesto Huber, head of Chile's National Electricity Coordinator (CEN), stated that there is currently no timetable for restoring power nationwide, adding that power has already begun to be restored in northern and southern regions.

Codelco stated that it had reached an early contract agreement with the unions of its El Teniente copper mine and Ministro Hales division. The specific terms of the agreement were not disclosed. The new contracts will take effect on November 1st and December of this year, respectively.

As the US dollar fell after surging, the spot prices and copper futures prices closed higher in 2023. SHFE copper prices rose by 4.23%, and LME copper prices rose by 2.27%. SMM 1# copper cathode gained 4.6%.