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[SMM North China Copper Cathode Spot Market] During the week, demand for copper cathode in the market cooled as copper prices rebounded. However, supply in the northern market had previously been tight for a time, copper cathode inventory was not high, and downstream buyers picked up goods under long-term contracts during the week, giving suppliers some impetus to hold prices firm.

On March 23, the 150,000-ton annual electrolytic copper project undertaken by the Second Company of China No.15 Metallurgical Construction Group Co., Ltd. for Jiangxi Copper Hongyuan Copper Industry Co., Ltd. successfully produced a cumulative total of 1,300 tons of high-purity cathode copper, with product purity reaching 99.997%, exceeding the design value of 99.9935%.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in a stalemate. Supply side, according to SMM, large volumes of non-registered copper are set for concentrated arrivals next week, while actual arrivals still need to be observed further, and near-term supply pressure remains in place. Against the current backdrop of high inventory, circulating spot cargo is relatively ample, and most suppliers have strong willingness to sell, leaving spot discounts continuously under pressure. However, some suppliers have begun to show an inclination to hold prices firm. If discounts widen further, suppliers may choose to ship to delivery warehouses rather than continue selling at deeper discounts, providing some support to the lower end of discounts. Demand side, some downstream enterprises have seen an increase in order intake and shipments for this month, resulting in rigid demand for spot cargoes with invoices dated this month, but such cargo is relatively hard to find in the market. In addition, the price spread between high-quality copper and standard-quality copper remains narrow, indicating that actual consumption demand has become the dominant market driver. Overall, room for spot discounts to fall further is limited, but any upside is also constrained by high inventory and expectations for imported arrivals. Shanghai spot copper against the 2604 contract is expected to maintain the current discount level tomorrow.

Today, spot prices of #1 copper cathode in North China were reported at discounts of 100 yuan/mt to 40 yuan/mt against the front-month contract, with the average price up 10 yuan/mt from the previous trading day. The average transaction price was 95,355 yuan/mt, down 240 yuan/mt from the previous trading day.

Mitsubishi Materials Corporation said on Wednesday that it had decided to cease the processing of copper concentrates at the Onahama smelter and refinery, as well as the operation of related smelting facilities, by the end of March 2027.In a statement, the company said the outlook for the related business had become increasingly uncertain due to intensifying competition from overseas smelters and a sharp decline in treatment and refining charges (TC/RCs) for copper concentrates.The company said in a statement that it expected to record an impairment loss of 21 billion yen in Q4 of the current fiscal year ending this month, mainly related to the smelter's fixed assets.

A Rio Tinto executive said the company expected the Resolution Copper mine in Arizona, US, to come online in the mid-2030s.After years of litigation, this Anglo-Australian mining giant secured control of the land required to build one of the world's largest copper mines this month.The company had now launched a $500 million drilling program to explore the previously inaccessible 30% of the deposit. This exploration would help the company determine the commissioning timetable, but the first batch of copper ore was expected to be produced within a decade.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,257/mt. After bottoming at $12,208/mt in early trading, its center fluctuated upward and reached a high of $12,383/mt, then hovered at highs and finally closed at $12,283/mt, up 1.58. Trading volume reached 23,000 lots, open interest stood at 296,000 lots, an increase of 3,418 lots from the previous trading day, mainly reflecting bulls adding positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,950 yuan/mt, bottomed at 95,530 yuan/mt in early trading, and then its center moved higher to a high of 96,580 yuan/mt. Copper prices then saw their center move lower and finally closed at 96,250 yuan/mt, up 1.11. Trading volume reached 51,000 lots, open interest stood at 190,000 lots, down 2,036 lots from the previous trading day, mainly reflecting bears reducing positions overall.

The royalty claims of Israeli billionaire Dan Gertler are holding up a $9 billion acquisition bid by the U.S.-backed Orion Critical Minerals Consortium for Glencore’s copper and cobalt mines in the Democratic Republic of the Congo. Gertler has been under U.S. Treasury sanctions since 2017. He obtained mining interests years ago through his ties to the former president of the DRC and still retains royalty entitlements from the two mines today. Although Glencore reached a settlement with him in 2018 and switched to euro payments to avoid violating U.S. sanctions, the underlying interests have remained unresolved. For bidders backed by U.S. government capital, indirect links to a sanctioned individual pose compliance and reputational risks, which have stalled the progress of the deal.

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...

According to foreign media reports, Mitsubishi Materials has stated that it will cease production operations at the Onahama copper smelter by the end of March 2027. This is mainly due to the rapidly deteriorating TC/RCs for copper concentrates, driven by intensifying competition among global copper smelters, which has raised concerns over the business outlook. The Onahama copper smelter has a smelting and refining capacity of 230 ktpa.