Codelco Partners with Microsoft to Advance AI in Copper Mining

Fujian Guangmin Copper Co., Ltd.'s annual 35,000-ton cold-rolled high-precision copper strip project has a total investment of 1 billion yuan. The products are mainly used in areas such as smartphone card connectors, tablet Type-C interfaces, and new energy vehicle plug-in relays. The first phase involves the construction of an annual 20,000-ton high-performance red copper and brass high-precision strip production line and ancillary facilities. The second phase includes the construction of an annual 15,000-ton high-copper alloy high-precision strip production line and ancillary facilities. Upon completion and full operation, the project is expected to achieve an annual operating revenue of 2.5 billion yuan and generate an additional tax revenue of 57.22 million yuan.

SMM Morning Meeting Minutes: On Friday night last week, LME copper opened at $12,871.5/mt. After fluctuating rangebound in early trading, it dipped to $12,805.5/mt, then the center rose to a high of $12,927.5/mt, and finally closed at $12,869/mt, up 0.08%. Trading volume fell by 3,517 lots from the previous trading day to 24,000 lots; open interest increased by 2,377 lots from the previous trading day to 308,000 lots, mainly reflecting bulls adding positions overall. On Friday night last week, the most-traded SHFE copper 2604 contract opened at 100,250 yuan/mt. It bottomed at 100,180 yuan/mt in early trading, then the center rose to a high of 100,820 yuan/mt, and finally closed at 100,250 yuan/mt while fluctuating rangebound, down 0.53%. Trading volume fell by 58,000 lots from the previous trading day to 69,000 lots; open interest increased by 1,229 lots from the previous trading day to 197,000 lots, mainly reflecting bears adding positions overall.

The PSJ Cobre Mendocino copper project has applied for Argentina’s Large Investment Incentive Regime (RIGI), with planned investment of around $630 million. If approved, it would become the first major metal mining project in Mendoza province. The development could strengthen Argentina’s position in global copper supply.