SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,960/mt. It fluctuated downward in early trading, dipping to $12,792/mt, after which the center of copper prices gradually moved higher and touched a high of $12,966/mt. It then fluctuated downward and finally closed at $12,859/mt, down 1.29%. Trading volume rose to 27,900 lots, and open interest rose to 305,000 lots, down 953 lots from the previous trading day, mainly due to long position reductions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,440 yuan/mt. It fluctuated downward in early trading and bottomed at 100,030 yuan/mt, after which the center of copper prices moved sharply higher and climbed to 101,410 yuan/mt. It finally closed at 100,980 yuan/mt, down 0.35%. Trading volume rose to 74,300 lots, and open interest rose to 195,000 lots, down 5,732 lots from the previous trading day, mainly due to long position reductions.

[SMM Analysis: What Impact Does the Middle East Situation Have on the Recycled Copper Raw Materials Market?] Recent turbulence in the Middle East has once again rattled global commodity markets. However, zooming in on the recycled copper raw materials segment, the market has remained remarkably calm. This article examines the trade structure and supply-demand dynamics to explain why the Middle East situation has, in practice, a relatively limited impact on Asia's scrap copper market.

SMM Morning Meeting Minutes: LME copper opened overnight at $13,300/mt and touched a high of the same level, initially fluctuating downward before the center of copper prices shifted straight down, then experiencing wide swings and probing as low as $12,787/mt, ultimately closing at $12,855/mt, down 2.9%, with trading volume reaching 22,100 lots and open interest at 322,000 lots, down 3,871 lots from the previous session, overall reflecting long liquidation. The most-traded SHFE copper contract 2603 opened overnight at 102,030 yuan/mt, initially climbing to 102,350 yuan/mt before fluctuating rangebound, then the center of copper prices pulled back straight to touch a low of 99,400 yuan/mt, ultimately closing at 100,030 yuan/mt, down 2.58%, with trading volume reaching 57,700 lots and open interest at 143,000 lots, down 4,515 lots from the previous session, overall reflecting long liquidation.

According to data released by Chilean Customs, Chile's copper exports in January amounted to 177.235 mt, with exports to China totaling 27,113 mt during the same month. Chile's exports of copper ore and concentrates in January reached 1,556,029 mt, of which exports to China accounted for 906,158 mt.

[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.

In Q1, supported by the tight global supply of copper concentrates, the center of copper prices shifted significantly higher YoY, with the most-traded contract climbing to a historical high of RMB 83,320/mt.

[SMM Analysis:The Back structure is difficult to sustain ]

[China Remains Peru's Largest Copper Exporter] According to a report on the BNAmericas website, driven by the mining sector, Peru's exports rebounded in Q1. Data from the Ministry of Foreign Trade and Tourism of Peru showed that copper, gold, and zinc were the main factors contributing to the growth in mineral exports. In February, affected by shrinking demand, Peru's copper exports decreased by 0.4% YoY. However, in March, Peru's copper export value reached $2.58 billion, up 24.7%; in Q1, the cumulative copper export value was $6.62 billion, up 23%. (Webstock Inc.)

According to a report on the BNAmericas website, driven by the mining sector, Peru's exports rebounded in Q1. Data from Peru's Ministry of Foreign Trade and Tourism showed that copper, gold, and zinc were the main factors contributing to the growth in mineral exports. In February, due to shrinking demand, Peru's copper exports fell 0.4% YoY. However, in March, Peru's copper export value reached $2.58 billion, up 24.7% YoY. In Q1, the cumulative copper export value was $6.62 billion, up 23% YoY. In March, Peru's gold export value was $1.53 billion, up 65% YoY. In Q1, the export value was $4.17 billion, up 53.7% YoY. In Q1, Peru's total export value of mineral products (metals and non-metals) was $13.3 billion, up 29.1% from $10.3 billion in the same period of 2024. During the same period, Peru's total merchandise export value was $20.6 billion, up 27.3% YoY. China remained Peru's main export destination for copper. In Q1, Peru's copper exports to China were $4.88 billion, up 22.8% YoY. Meanwhile, Peru exported $673 million worth of copper to Europe, followed by Japan ($407 million), South Korea ($237 million), and Brazil ($166 million). Canada was Peru's main export destination for gold, with an export value of $811 million in Q1, followed by India ($691 million) and Switzerland ($613 million).

According to SMM, data released by Chilean Customs showed that Chile's copper exports in April were 160,640 mt, with 29,144 mt exported to China in the same month. Chile's exports of copper ore and concentrates in April were 1,040,756 mt, with 632,551 mt exported to China in the same month. In April, Chile's copper and copper ore exports to China declined again, both falling to their lowest levels in over a year.