Gold is a widely known safe-haven asset and tends to benefit during geopolitical turmoil, but the metal has remained largely range-bound amid the latest Middle East conflict involving Iran, the United States and Israel.

[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 $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.

[Mining and Metallurgical Enterprise Dynamics] According to Yunnan Chihong Zn & Ge Co., Ltd. (600497), during the Chinese New Year, while families across the country were reuniting, the company's production units nationwide remained busy. Many employees at operations such as Yongchang Lead-Zinc, Hulunbuir Chihong, Huize Mining and Smelting chose to stay at their posts, ensuring safe and stable production during the holiday at high-altitude snowy regions, underground mines thousands of meters deep, beside smelting furnaces, and project sites.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,686.5/mt, rose initially and hit a high of $9,713/mt, then fluctuated downward and touched a low of $9,647.5/mt. It rebounded slightly at the end of the session and closed at $9,670/mt, down 0.26%. Trading volume reached 13,000 lots, and open interest reached 293,000 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,600 yuan/mt, hit a high of 78,690 yuan/mt at the beginning of the session, then fluctuated downward and touched a low of 78,360 yuan/mt during the session. It rebounded all the way at the end of the session and closed at 78,560 yuan/mt, up 0.04%. Trading volume reached 20,000 lots, and open interest reached 182,000 lots.

According to a report by Mining.com, Ivanhoe Mines announced that its Kakula West copper mine in the Democratic Republic of Congo (DRC) has resumed production after a temporary suspension lasting one month. This underground mine is part of the company's Kamoa-Kakula copper joint venture. On May 18, the mine was forced to suspend production due to severe water inflow caused by seismic activity in the region. The Kamoa-Kakula joint venture is Africa's largest copper mine, with Ivanhoe holding a 39.6% stake. Analysts believe that once the necessary pumping and repair work is completed, the mine should be able to resume production. Mining activities in the eastern section are also expected to commence immediately, with a focus on advancing from existing stopes to new areas. In a statement, Robert Friedland, the company's Executive Chairman, said, "We are grateful and thankful to our team for their rapid response in stabilizing the water table at Kakula and resuming mining on the west side." "The team quickly secured the critical equipment needed to remove water from the entire mine, while also preparing to mine a high-grade area in the east." With the resumption of production at the Kakula copper mine, Ivanhoe has set new production targets for the Kamoa-Kakula joint venture in 2025: 370,000 to 420,000 mt of copper concentrates. Based on the midpoint, this projection represents a 28% decrease from the previous production target set in January (520,000 to 580,000 mt). Ivanhoe stated that the downward revision in production expectations takes into account the potential impact of recent seismic activity and related disruptions at the Kakula mine. Several risk factors, such as further seismic activity and infrastructure damage, were also highlighted as considerations. Additionally, the company's management has withdrawn the production target of approximately 600,000 mt for 2026, pending further evaluation. Friedland emphasized, "Although it is premature to establish production plans for 2026 and 2027, the future of the Kamoa-Kakula joint venture remains bright." As previously disclosed, the Phase 1 and Phase 2 beneficiation plants at Kakula are still operating at half of their capacity, processing surface ore inventory. The beneficiation plants are expected to restore their capacity for the remainder of the year as mining volumes increase in the western section of the mine, according to Ivanhoe. Meanwhile, the Kamoa underground mine, as well as the adjacent Phase 3 beneficiation plant, are operating well. With the necessary copper concentrate supply in place, the on-site smelter is expected to commence operations in September, with the first products to be produced in October 2025.