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[SMM North China Copper Cathode Spot Market] Demand in the North China copper cathode market improved, and spot premiums rebounded. On the one hand, as copper prices pulled back, consumption recovered; on the other hand, secondary copper processing enterprises saw weak operating rates. As enterprises resumed production after the holiday, operating rates at North China copper cathode rod enterprises rose.

【SMM Copper Cathode Rod Flash Update】Orders for copper cathode rod at enterprises that have resumed operations have generally increased significantly, mainly supported by three factors: first, spot copper cathode rod supply is relatively tight; second, operating rates at secondary copper rod enterprises are relatively weak, and with the price difference between copper cathode and copper scrap at a relatively low level, the substitution effect between copper cathode and copper scrap has weakened; third, downstream wire and cable enterprises have an urgent need to pick up goods, and concentrated restocking has boosted demand for copper cathode rod.

U.S. refined copper stocks rose sharply while scrap exports climbed above 1 million tonnes, prompting market focus on forthcoming tariff policy risks and supply-chain volatility.

Today, spot #1 copper cathode in North China traded at a discount of 350–250 yuan/mt against the front-month contract, up 80 yuan/mt from the previous trading day. The average transaction price was 101,340 yuan/mt, down 180 yuan/mt from the previous trading day.

Hudbay Minerals announced it will acquire the remaining shares of Arizona Sonoran Copper for $1.48 billion boosting its U.S. copper output capacity to nearly 500,000 tonnes annually as global demand grows.

[SMM SHFE Copper Flash] As copper prices fell and the price spread between SHFE copper futures contracts for different delivery months narrowed, suppliers showed a clear willingness to hold prices firm, and the center of spot premiums moved higher intraday compared with yesterday.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,843/mt, fluctuated downward in early trading to a low of $12,722/mt, then rose in a stepwise manner and climbed to $12,987/mt near the close, finally settling at $12,964.5/mt, down 0.92%. Trading volume reached 40,500 lots, and open interest reached 307,000 lots, down 4,847 lots from the previous trading day, mainly due to long position reductions. Overnight, the most-traded SHFE copper 2704 contract opened at 100,530 yuan/mt, then fluctuated downward to a low of 100,200 yuan/mt. Subsequently, the center of copper prices gradually moved higher and hit a high of 101,530 yuan/mt near the close, finally settling at 101,330 yuan/mt, down 1.05%. Trading volume reached 92,000 lots, and open interest reached 194,000 lots, down 3,792 lots from the previous trading day, mainly due to long position reductions.

According to Bloomberg, flooding has caused the collapse of a key bridge located south of the Zambian border in the Democratic Republic of Congo (DRC), cutting off the main copper export route to the Kasumbalesa border post and disrupting outbound shipments from the world’s second-largest copper producer.

[SMM Copper Flash] According to SHFE data, on March 3, copper futures warrants increased by 4,624 mt to 300,505 mt, mainly in the Shanghai area. Futures warrants were still rising actively.

Alma Metals (ASX: ALM) holds 2 million tonnes of copper resources at its Briggs Copper Project in Queensland, making it the largest undeveloped copper project in the state. The company plans to increase the resource estimate to 3 to 4 million tonnes through future drilling campaigns and leverage the surrounding well-established infrastructure to advance the completion of a Pre-Feasibility Study.

Taseko Mines' Florence Copper project in Arizona has successfully produced its first copper cathodes, marking the first new copper production from a greenfield facility in the U.S. since 2008. The project employs a globally pioneering in-situ copper recovery technology and is expected to produce 85 million pounds of LME Grade A copper annually, making it the third-largest copper producer in the country. All copper produced will be supplied to the U.S. domestic market, supporting supply chain security for key sectors such as automotive, semiconductors, and defense.

Elemental Royalty Corporation (NASDAQ: ELE) has taken note of the announcement by Quilla Resources Inc. regarding the successful production of first copper cathode at the Chapi Copper Project in southern Peru. Elemental holds a 2.0% net smelter return royalty on the project and expects to receive its first royalty payment from Chapi in the first quarter of 2026. Company CEO David M. Cole stated that Quilla has rapidly advanced the project since acquiring the brownfield asset, completing technical refurbishment and operational planning on schedule and within budget. Production is now ramping up toward an initial nameplate capacity of approximately 10,000 tonnes of copper cathode per year, with this swift progress underscoring the project's value and potential.

Taseko Mines Ltd said its Florence Copper operation in Arizona has harvested its first copper cathodes marking the first new copper production from a greenfield facility in the U.S. since 2008 and a key milestone for domestic refined copper supply.