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.

[SMM Imported Copper Concentrate] According to the latest data from the General Administration of Customs, China's copper concentrate imports in May 2026 were 2.361 million mt, up 0.40% MoM but down 1.73% YoY. In January-May 2026, cumulative copper concentrate imports reached 12.275 million mt, a slight cumulative YoY decrease of 1.0%.

South America remains the cornerstone of global copper supply, with Chile and Peru collectively accounting for more than one-third of global mined copper production. As electrification, grid modernisation, renewable energy deployment and AI-driven infrastructure investment continue to reinforce long-term copper demand growth, policy developments across the region are becoming increasingly important determinants of future supply availability.

Eldorado Gold announced that its McIlvenna Bay project in Saskatchewan, Canada, has produced its first copper concentrate, marking the start of commissioning and ramp-up activities. McIlvenna Bay is one of Canada's major new polymetallic mining projects, producing copper, zinc, gold and silver. The company said commissioning activities will continue as the operation progresses toward commercial production. This project will provide an additional source of copper concentrate supply as output ramps up.

【SMM Steel】Jubilee Metals Group has resumed full capacity at its Roan concentrator in Ndola Zambia targeting monthly run-of-mine throughput of 30000 tonnes following scheduled annual maintenance. Upgrades include an expanded copper oxide flotation circuit designed to boost recovery efficiency by 5% offsetting higher transport costs. Jubilee also commissioned a new fine copper concentrate dewatering facility to manage a stream representing about 25% of Roan's feedstock copper with material transported to its Sable refinery in Kabwe. The company is also evaluating an additional DMS circuit to potentially expand throughput.