SMM Morning Meeting Summary: Overnight, LME copper opened at $13,299.5/mt, touched a low of $13,263/mt early in the session before the center fluctuated upward, reached a high of $13,480/mt near the close, and finally settled at $13,470.5/mt, up 2.4%, with trading volume at 22,000 lots and open interest at 275,000 lots, down 4,026 lots from the previous trading day, indicating bears reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,620 yuan/mt, touched a low of 102,490 yuan/mt early in the session, then the center rose to a high of 104,000 yuan/mt, and finally moved sideways to close at 103,900 yuan/mt, up 1.23%, with trading volume at 73,000 lots and open interest at 220,000 lots, up 15,806 lots from the previous trading day, indicating bulls increasing positions.

BHP Group announced in its earnings report on Wednesday that annual copper production will reach the upper half of its guidance range. The company stated that due to weak performance at its Escondida and Pampa Norte copper mine operations in Chile, Q3 copper production fell 7% YoY to 476,800 mt, below expectations of 479,200 mt. Among them, Escondida copper mine production was 303,200 mt, down 9% YoY; Pampa Norte copper mine production was 44,600 mt, down 34% YoY. For fiscal year 2026 year-to-date (through month-end March), copper production was 1.4609 million mt, down 3% from the previous fiscal year. The company stated that annual copper production is expected to reach the upper half of the guidance range of 1.9-2 million mt. Below are the production details: (unit: kt) (Wenhua Composite)

SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $12,744/mt, dipping to $12,642/mt early in the session. The price center then fluctuated upward to a high of $12,928/mt before fluctuating downward to finally close at $12,857/mt, up 1.27%, with trading volume at 22,000 lots and open interest at 293,000 lots, down 4,028 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2605 contract opened at 99,200 yuan/mt, fluctuated upward early in the session to reach 99,750 yuan/mt, then the price center gradually shifted lower to a low of 99,090 yuan/mt, followed by wild swings before finally closing at 99,310 yuan/mt, up 1.04%, with trading volume at 45,000 lots and open interest at 171,700 lots, down 2,724 lots from the previous trading day, indicating bears reducing positions.