SMM Analysis: According to data from the General Administration of Customs, China imported 64,900 mt of copper anode (HS code: 74020000) in January 2026, up 5.74% MoM and up 1.48% YoY...

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,016.5/mt. After dipping to $11,955.5/mt in early trading, its center rose sharply to a high of $12,160/mt, and then continued to hover at highs, finally closing at $12,092.5/mt, down 1.05%. Trading volume reached 23,000 lots, open interest stood at 293,000 lots, up 406 lots from the previous trading day, mainly reflecting increased short positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 93,600 yuan/mt and touched a low of 93,480 yuan/mt at the open. Its center then moved higher to a high of 94,990 yuan/mt, after which copper prices maintained a fluctuating trend at highs, finally closing at 94,670 yuan/mt, up 0.17%. Trading volume reached 51,000 lots, open interest stood at 198,000 lots, down 533 lots from the previous trading day, mainly reflecting reduced short positions throughout the day.

On March 13, 2026, China's copper smelting industry set a new historical record. According to SMM data, the imported copper concentrate index closed at -60.39 USD/dmt, officially breaking through the -60 USD level.

[SMM Copper Market] Since 2026, as copper prices have trended higher and the price difference between primary metal and scrap has widened, copper scrap has continued to flow into the smelting sector. Copper smelters in China have seen an increase in their inventory levels of cold materials, leading to a looser supply landscape in the cold materials market. As of February 27, 2026, SMM's spot RCs for blister copper and anode plates in China remained at high levels.

SMM Analysis: In 2025, China's smelting and refining capacity grew, while the TC for copper concentrates continued to deteriorate. Against this backdrop, smelters were compelled to adjust their raw material mix, with copper scrap, blister copper, and anode plates becoming key substitutes and supplements...

【SMM News Flash】Alexander Leonov, head of Norilsk Nickel's Norilsk division and vice president of the Russian metal producer, stated that the company plans to initiate nickel smelting trials at its copper smelter this year. This initiative aims to maintain production levels during the major furnace refurbishment scheduled for 2027. This innovative measure will enable the company to sustain nickel output throughout the maintenance period. As the world's largest palladium producer and a major nickel supplier, Norilsk Nickel is expected to carry out a major overhaul of the Nadezhda Metallurgical furnace in Norilsk in 2027. Leonov noted that the shutdown will last approximately 270 days, temporarily reducing the plant's capacity by nearly half.

The operating rate for secondary copper rod was 20.17% in January 2026, exceeding the expected 18.56%, but decreased 0.25 percentage points MoM and 6.73 percentage points YoY. China's secondary copper rod market experienced a month of contradictions and stalemate amid unprecedented high copper prices and complex policy environments.

SMM Analysis: In January 2026, blister copper RCs in south China were quoted at 1,900–2,200 yuan/mt, with an average of 2,050 yuan/mt, up 550 yuan/mt MoM...

In January 2026, silver production increased by about 0.6% MoM and 9.91% YoY compared to January 2025.

According to an announcement by Ivanhoe Mines, the Kamoa-Kakula project aims to achieve copper production of 380,000 to 420,000 tonnes in 2026 and 500,000 to 540,000 tonnes in 2027, with the medium-term copper production target maintained at 550,000 tonnes. In terms of recent progress, the dewatering efforts at the Kakula mine are proceeding smoothly (70% completion on the west side and 60% on the east side), laying the groundwork for resuming production. As dewatering advances, mining in the higher-grade (3.5%–4.0%) central area will commence in mid-December, which is expected to drive overall output and profitability. At the Kakula mine, approximately 6 million tonnes of ore are planned to be mined in 2026, primarily from the west side, with production increasing to 7–8 million tonnes in 2027. At the Kamoa mine, the focus will shift from supplying primarily the Phase I and II concentrators to prioritizing supply for the Phase III concentrator, while also supplementing Phase I and II. Mining output is expected to rise from the current 6.5 million tonnes per year to over 10 million tonnes per year by 2027. The total processing capacity of the Phase I, II, and III concentrators will reach 17 million tonnes per year starting in 2027. Additionally, following the announcement of the commissioning of the Kamoa-Kakula copper smelter on December 1, 2025, copper sales in 2026 are projected to exceed copper production, as on-site inventories of unsold copper concentrate are expected