LME Backwardation Structure Continues to Widen, Sluggish Trading Pattern Persists Amid Weak Demand [SMM Yangshan Spot Copper]

Harmony Gold has set FY27 copper production guidance at 28,000–30,000 tonnes from its CSA mine, with C1 cash costs expected at US$2.55–2.65/lb and yield guided at approximately 3.50%. The guidance provides the company’s first full-year copper production outlook following completion of the CSA mine integration into Harmony’s portfolio.​ CSA contributed 18,207 tonnes of copper in FY26, at a yield of 3.75% and a C1 cash cost of US$2.47/lb. Harmony also reported an average copper price received of US$12,399/t during the period. The company said CSA mine integration is now complete and that investment in the operation is underway to support its longer-term position within the group’s diversified gold and copper portfolio. Harmony is also advancing construction of the Eva Copper project, where key infrastructure and process plant milestones have been achieved following the project’s final investment decision in November 2025. Together with CSA, the project forms part of Harmony’s broader strategy to increase its exposure to copper alongside its traditional gold business.​ Harmony’s FY27 guidance gives a clearer indication of the copper contribution expected from CSA following the acquisition. The 28,000–30,000-tonne target would establish a materially higher annual copper contribution than the 18,207 tonnes reported for FY26, although the FY26 figure reflects only CSA’s contribution following the acquisition rather than a directly comparable full-year operating base.