SMM Morning Meeting Summary: Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trading, its center rose sharply to a high of $12,395/mt, then hovered at highs, and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots, and open interest stood at 292,000 lots, down 944 lots from the previous trading day, mainly reflecting bears cutting positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,010 yuan/mt. After the opening, its center moved higher to a high of 95,900 yuan/mt, after which copper prices maintained a fluctuating trend at highs. Near the close, it dipped to 94,530 yuan/mt and finally closed at 93,840 yuan/mt, up 2.12%. Trading volume reached 120,000 lots, and open interest stood at 198,000 lots, down 6,741 lots from the previous trading day, mainly reflecting bears cutting positions throughout the day.

Alejandro Tapi, the head of Escondida, the world's largest copper mine, stated at a Chilean investment conference held in New York on Thursday that Chile needs to make greater changes in regulation and law to boost investment. Chile is the world's largest copper producer, accounting for nearly a quarter of global copper supply in 2024. Miners complain about the country's lengthy and delayed regulatory procedures. With declining ore grades in the country and increasing global demand, substantial investment is needed to boost production and help offset global shortages. "A significant increase in copper demand could attract substantial new investment to Chile, provided we can ensure legal certainty, fiscal stability, and a modern, faster permitting system." "I want to outline the core message: by 2050, global copper demand will increase by 70% from current levels. If we want to seize this enormous opportunity, growth, permitting, and environmental legislation should be an urgent priority." He added, "This is a regulatory issue, and I believe we can improve it to unlock investment." Escondida, the world's largest copper mine, has announced that BHP will invest US$10 billion in the country if environmental permits are approved. BHP stated that it will commence a 10-year investment plan to optimize its concentrator with US$2 billion. According to data from Chile's National Copper Commission, Chile's copper production increased by 4.9% to 5.5 million mt in 2024. Escondida produced 1.28 million mt in 2024. BHP stated that global copper demand was 31 million mt in 2023 and is expected to increase by 1 million mt annually until 2035. The Chilean Congress is passing a bill that will expedite several permitting procedures.

Since successfully completing the LME (London Metal Exchange) brand certification, China Nonferrous Luanshya Copper Mines Plc (hereinafter referred to as "CNLM") has seized the opportunity of global copper demand growth, accelerated the globalization of its brand, expanded the international market for CLM copper cathode, continuously optimized supply chain management, and promoted the better conversion of achievements in increasing reserves and production into corporate economic benefits. In 2024, it achieved a brand premium of $630,000; in Q1 2025, the qualification rate of Grade A copper reached 100%, achieving a brand premium of $490,000. Grade A copper cathode with a purity of 99.999% CNLM attaches great importance to the compliance and sustainability of supply chain management. In the 2024 external audit assessment of supply chain due diligence management, it continued to maintain a leading position in the industry, obtaining the highest rating among the assessed enterprises—the AA-level rating certificate. This highlights CNLM's outstanding performance in supply chain management, compliant operations, and sustainable development, further enhancing international customers' trust in the CLM copper cathode brand and providing strong support for global sales expansion. While ensuring domestic demand, CNLM has actively explored the international market for its branded copper products. Currently, CLM copper cathode has been exported to Africa, Asia, and the Middle East, and has successfully expanded into the European and North American markets. Since 2025, CNLM has also fully tapped the potential of the local market in Zambia, reaching a long-term cooperation agreement with local cable producers. This not only broadens the sales channels for CLM copper cathode and improves profitability but also enhances the added value of local copper industry products, contributing to Zambia's economic development with practical actions. Going forward, CNLM will steadily advance the special initiative of increasing reserves and production. Based on "increasing reserves" and relying on "boosting production" to enhance efficiency, it will strengthen technological empowerment, continuously improve product quality, and accelerate the globalization process of the CLM copper cathode brand, making greater contributions to China Nonferrous Metal Mining (Group) Co., Ltd. in building a world-class mining enterprise with international competitiveness.

On Wednesday, April 9, Chilean Mining Minister Aurora Williams stated that global copper demand might slow down in the short term due to uncertainty over US tariffs. She mentioned that if the US imposes tariffs on Chilean copper, Chile would aim to gain a competitive advantage at the lower end of the tariff range. Williams said in an interview, "From the perspective of lower tariffs, this makes us more competitive and presents a significant opportunity." She added that if faced with unfavorable trade conditions, Chilean copper producers might alter global supply routes. For more updates on the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference & Expo, hosted by SMM, which will be held grandly in Nanchang, Jiangxi from April 22 to 25, 2025. Over 3,000 industry elites, representatives from upstream and downstream enterprises of the copper industry chain, government officials, industry associations, third-party equipment, logistics and warehousing, as well as academic and research experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference features a variety of exciting activities: the main forum focuses on global copper market trends, raw material supply, policy impacts, and market directions. Sub-forums delve into industry hot topics such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. Additionally, a two-day field trip will visit 12 representative enterprises with a cumulative capacity of 1 million mt in the copper industry. Share cutting-edge technologies and valuable experiences to upgrade the copper industry chain and promote high-quality industry development. The CCIE 2025 SMM (20th) Copper Conference & Expo will help you grasp industry trends, expand your network, and explore business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi from April 22 to 25, to unite in the new era and jointly plan for new development!

BNP Paribas: Copper Prices May Drop to $8,500/mt in Q2. On Friday, March 28, BNP Paribas warned that copper prices would decline in the coming months as efforts to ship copper to the US ahead of tariff implementation gradually diminish. Earlier this week, London copper futures climbed above the $10,000/mt mark, while New York copper futures hit a record high, with a significant price spread across the Atlantic.

On Friday, March 28, copper prices on the London Metal Exchange (LME) declined due to subdued risk appetite ahead of the deadline for the US to impose reciprocal tariffs next week, deteriorating global economic growth prospects, and reduced motivation to deliver copper to the US ahead of potential tariff implementation. At 17:00 London time (01:00 Beijing time on March 29), three-month copper futures closed down $52, or 0.53%, at $9,794.5 per mt, after hitting a two-week low of $9,739 during the session. Copper prices have risen 12% so far this quarter, on track for the largest quarterly gain in four years, prompting some investors to take profits. Uncertainty remains high as the US plans to announce reciprocal tariffs on countries responsible for the majority of its trade deficit on April 2, while the previously announced 25% tariff on automobiles will take effect on April 3. Previously, the market expected the US investigation into whether to impose new import tariffs on copper to take months, but this expectation was shortened to weeks on Wednesday, narrowing the arbitrage gap between the most actively traded copper futures on the New York Mercantile Exchange (COMEX) and the LME. As a global benchmark, the premium of COMEX over LME copper futures pulled back to $1,523 per mt, or 15%, after hitting a record high of $1,615 earlier this week. Alastair Munro, senior base metal strategist at brokerage firm Marex, said market speculation suggests that if the US announces tariffs on copper soon and does not exempt copper already in transit, these shipments could be diverted to LME-registered warehouses, adding additional resistance to the market. Copper inventory warrants in the LME system are currently at their lowest level since May, with a significant decline since early February as traders rushed to conduct swap trades and redirected supplies to the US. BNP Paribas stated in a report: "We expect that the tariff hike will end the current chaos in copper prices, allowing the market to focus on the negative demand impact of US trade policy." BNP Paribas forecasts that copper prices will fall to $8,500 per mt in Q2 and has lowered its global copper demand forecast for 2025 by 0.8%. The bank expects a surplus of 460,000 mt in the market this year due to slowing demand growth.

【US "Copper Rush": Suddenly Turned into a "Sprint Race"?】①The US "copper rush" suddenly turned into a "sprint race" this week...②Many traders were left in a frenzy: if the cargo ships loaded with copper arrived at US ports "leisurely" after Trump's tariffs took effect, their "well-calculated plans" might instead lead to huge losses... (Cailian Press)

【Copper Mining Stocks Strengthen as Jinchuan International Surges Over 7%; Industry Insiders Predict Copper Prices to Exceed $12,000】①Why is the tariff policy of the Trump administration expected to cause significant fluctuations in global copper prices? ②How does AI computing infrastructure drive the growth in copper demand? (Cailian Press)

Cailian Press, March 24 (Editor: Xiao Xiang) - The US "siphoning" gold from the global market may not cause too much economic turbulence. However, when US traders recently began to aggressively stockpile and hoard the well-known "Dr. Copper," it raises concerns about whether an intense resource competition is about to unfold?

As the global economy adjusted to the new normal in the post-pandemic era, global copper demand reached a record high peak that fueled price growth. Because metal is such a vital raw material for its extensive range of industrial applications, it has emerged as an economic progress precursor in certain fields such as energy, transportation, and electronics. Copper direction in 2025 will be influenced by some of the factors ranging from the EV production boom to shifts in international trade policy.