Price Spread Between Futures Contracts Widened Rapidly, Transactions Fell to Freezing Point[SMM Shandong Spot Copper Cathode Weekly Review]

Antofagasta reported a 27% year-on-year increase in first-half EBITDA to $2.84 billion, supported by higher copper prices despite lower production. The company declared an interim dividend of 30.1 cents per share, up from 16.6 cents a year earlier. However, Antofagasta cut its 2026 copper production guidance to 625,000–655,000 tonnes from the previous 650,000–700,000 tonnes, following a July shutdown at Los Pelambres after extreme rainfall in Chile’s Coquimbo Region. The company said major infrastructure was not significantly affected, but some pipeline platforms and water management systems require repairs. First-half cash costs fell 8% year-on-year to $1.22/lb, though full-year costs are expected to rise by 20 cents to $2.60/lb due to persistently high fuel prices.