Amman Mineral Targets Doubling of Copper Cathode Output to 162,662 Tonnes in 2026

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,602/mt, rose to a high of $13,644/mt in early trading, then drifted lower to $13,532/mt, and finally closed at $13,581/mt, down 0.14%. Trading volume was 15,000 lots, and open interest decreased to 241,000 lots, down 1,977 lots from the previous trading day, reflecting long liquidation. Overnight, the most-traded SHFE copper 2608 contract opened at 104,520 yuan/mt, edged up to 104,680 yuan/mt in early trading, then drifted lower to hit a low of 103,940 yuan/mt, and eventually closed at 104,040 yuan/mt, down 0.17%. Trading volume reached 17,000 lots, and open interest declined to 138,000 lots, down 2,001 lots from the previous trading day, also reflecting long liquidation.

Chile is being affected by a strong winter frontal system, with the main impact expected to focus on July 16–17 and possibly persisting through July 20–21. This weather event shows pronounced regional differences. High-altitude and mountainous areas in northern mining regions such as Antofagasta and Atacama will experience moderate to heavy snowfall and strong winds, while central to southern Chile faces persistent heavy rainfall, with an increased risk of localized flooding, landslides, and mudslides. The Chilean government has activated preventive emergency responses, and mining authorities have also communicated contingency plans with major mining enterprises. According to SMM’s discussions with local industry insiders, the heavy snowfall and rainfall may cause short-term disruptions to road transportation and port loading in some mining areas, posing a risk of delays to the export pace of copper concentrates and copper cathode. The actual impact will still depend on the duration of the weather and the operational status of major mines.