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On June 6, the SMM Imported Copper Concentrate Index (weekly) was reported at -$43.29/dmt, an increase of $0.27/dmt from the previous -$43.56/dmt. The pricing coefficient for 20% grade domestic trade ore ranged from 93% to 95%.
Transaction activities in the copper ore spot market were sluggish during the week, with traders' July cargo supplies not flowing into the spot market in large quantities. During the week, a trader sold 20,000-30,000 mt of packaged clean ore to a smelter at a mid-to-low price of -$40/dmt, with QP as M+1/5 and a loading period in July. The gold and silver Payable were normal. Before the Dragon Boat Festival, the tender results for SPCC were announced, with three traders winning bids for 10,000 mt of SPCC cargo (from Cuajone and Toquepala) at prices of -$90, -$100, and -$105/dmt, with shipments of 10,000 mt each scheduled for July, August, and September.
On June 2, Ivanhoe Mines reported that since the company announced the suspension of underground mining operations at the Kakula copper mine on May 20, 2025, management has been advancing the production resumptions at the western and eastern sides of the mine in phases. Based on the current drainage progress, underground mining operations are expected to resume at the western side of the mine later this month, with the area remaining dry. Currently, the mine has ordered four high-capacity pumps and will order and deploy more in the future. The delivery and installation of surface pumps are expected to be completed within 90 days. During this period, the Phase 1 and Phase 2 beneficiation plants at the Kakula mine will continue to operate at approximately 50% capacity utilisation rate, processing ore stockpiled on the surface. The underground mining operations at the Kamoa mine and its associated Phase 3 beneficiation plant have not been affected and will continue to operate normally. Previously, Ivanhoe Mines announced a 2025 copper production target of 520,000-580,000 mt in metal content for Kamoa-Kakula.
A mechanical failure occurred at the Carmen de Andacollo copper mine owned by Teck Resources, requiring the mine to shut down the SAG mill for repairs. Production is expected to be interrupted for about a month due to the repairs. Carmen de Andacollo was expected to produce 50,000 mt of copper in metal content in 2025.
Hudbay Minerals announced the suspension of production operations at the Snow Lake polymetallic mine due to frequent forest wildfires in Canada. The miner will resume full production operations when conditions permit. Snow Lake was expected to produce 10,000 mt of copper in metal content in 2025.
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![Copper Inventories in Major Regions of China Continued Destocking During the Week [SMM Weekly Data]](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
