Chile's Jan Copper Exports: 177.235 mt Total, 27,113 mt to China; 1,556,029 mt in Ore/Concentrates, 906,158 mt to China

At 2 p.m. on February 6, Beijing time, the launch ceremony of the Komakao copper mine expansion project in Botswana was held in Maun, Botswana. The project is the first major investment project launched by China Minmetals Corporation during the 15th Five-Year Plan period and also the first major resource expansion project.

SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $12,857.5/mt, fluctuated downward initially to touch a low of $12,817/mt, then fluctuated upward, with copper prices gradually rising to touch a high of $13,065/mt, before consolidating and finally closing at $13,060/mt, up 1.59%, with trading volume reaching 25,600 lots and open interest reaching 325,000 lots, overall showing bulls increasing positions. On Friday evening, the most-traded SHFE copper contract 2603 opened at 101,000 yuan/mt, fluctuated downward initially to touch a low of 100,340 yuan/mt, then the center of copper prices rose straight to touch a high of 101,820 yuan/mt, before fluctuating rangebound and finally closing at 101,490 yuan/mt, up 1.49%, with trading volume reaching 79,400 lots and open interest reaching 170,000 lots, overall showing bears closing positions.

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.