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.

Canadian miner First Quantum Minerals plans to invest about $5.25 billion in the Taca-Taca copper project in Argentina. The development is expected to create roughly 4,000 construction jobs and 2,000 long-term operational positions. Analysts say the project could become an important new source of global copper supply.

[SMM Morning Meeting Summary]: Overnight, LME copper opened at $9,640/mt, touching a low of $9,603.5/mt in the early session before fluctuating considerably upward. It approached a high of $9,660/mt near the close and ultimately closed at $9,649/mt, up 0.11%. Trading volume reached 14,000 lots, and open interest stood at 284,000 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,050 yuan/mt, fluctuating upward in the early session to touch a high of 78,220 yuan/mt during the session. It then fluctuated downward, touching a low of 77,960 yuan/mt, before rebounding slightly near the close to ultimately close at 78,140 yuan/mt, down 0.08%. Trading volume reached 26,000 lots, and open interest stood at 191,000 lots.

According to SMM, under a recently approved maintenance plan, First Quantum Minerals will spend approximately US$20 million per month to maintain its idle Cobre Panama copper mine. Roderick Gutierrez, President of the Panamanian Chamber of Mines, stated that the costs would be covered by selling copper concentrates stored at the mine site. The company currently holds 121,000 mt of concentrates, although some have deteriorated after nearly two years of idleness. In an interview with local media, Gutierrez pointed out that reprocessing these degraded materials may not be economically feasible. The mine's maintenance plan incorporates the latest environmental and legal regulations and is expected to take six to twelve months to implement, with the exact timeline depending on the condition of the equipment. Supervision will be the responsibility of ten government departments, including the Ministry of Environment of Panama.

First Quantum Minerals will spend approximately $20 million a month to maintain its idled Cobre Panamá copper mine under a recently approved care and maintenance plan.Roderick Gutiérrez, president of the Panamanian Mining Chamber, said the cost would be covered by selling copper concentrate stored at the site. The company currently has 121,000 tonnes of concentrate, though some has deteriorated after nearly two years of inactivity.