On September 11, the SMM Imported Copper Concentrate Index (weekly) stood at -$209.7/dmt, down $9.39/dmt from -$200.31/dmt in the previous period. The payable indicator for 20% grade domestic trade ore was reported at 98.5%-99.5%.
Spot market transactions this week declined WoW, with a mine issuing a tender. A trader sold 20,000 mt of Non CIQ copper concentrates to a smelter at -$197/dmt, and another 20,000 mt of clean ore to a smelter at -$233/dmt. A trader sold 30,000 mt of copper concentrates to a smelter at the index minus $25/dmt, including 10,000 mt of Las Bambas for October loading. A trader sold 10,000 mt of African containerized clean ore at the index minus $22-23/dmt for October-December loading. Market sources said a market participant sold 10,000 mt of clean ore to a smelter at a fixed price of -$225/dmt. On the mine tender front, 100,000 mt of 2027 Telfer was under tender, while a major mine issued tenders for 10,000 mt of November Antamina A and 10,000 mt of December QB, with a bid deadline of September 15. Trader offers were concentrated at the index minus $25-30/dmt, with deals concentrated near the index minus $25/dmt, and the deduction from the index saw a slight correction. Smelters' acceptance of deep index deductions continued to decline, shifting toward fixed prices to lock in procurement costs. Some low-priced deals dragged the index further down, and spot TCs are expected to remain under pressure in the near term.
According to the latest data from the General Administration of Customs, China's copper ore and concentrate imports in August 2026 stood at 2.508 million mt in physical content, up 5.4% MoM but down 9.8% YoY. Cumulative imports from January to August reached 19.492 million mt in physical content, down 2.8% YoY. Although August imports rebounded from July, they remained notably below the same period last year.
Panama's Minister of Commerce and Industries Julio Moltó revealed during questioning before the National Assembly Budget Committee that Cobre Panamá plans to ship approximately 38,000 mt of copper concentrates on September 11 local time, destined for India. This will be the mine's second batch of copper concentrates in 2026 produced from stockpiled ore mined before the shutdown. The buyers have been confirmed, but their names have not yet been disclosed, and the export permit application has been submitted. Previously, Cobre Panamá completed its first shipment of approximately 33,000 mt of copper concentrates from August 18 to 22, with cargoes sent to Spain and Bulgaria. Moltó said that in 2025, the Panamanian government approved a total of four shipments of copper concentrates from Cobre Panamá, totaling approximately 124,300 mt. As of now, Cobre Panamá has processed approximately 6.3 million mt of raw ore stockpiled before the shutdown, completing about 16% of the planned total, with roughly 31.6 million mt remaining to be processed. At the current pace, it is expected to take about 13 more months.
Canada's Salazar Resources announced on September 9 an update on the construction progress of the Curipamba-El Domo polymetallic project in Ecuador, a joint venture with Silvercorp. Salazar holds a 25% interest (all-in through to production), while Silvercorp holds 75% and serves as the operator. The project has measured and indicated resources of 11.4 million mt, grading 1.85% copper, 2.11 g/t gold, 2.42% zinc, and 0.22% lead. The designed processing capacity is 666,000 mt/year, with production expected to commence in July 2027 and a mine life of 11.5 years.
On September 11, 2026, SMM recorded copper concentrate inventories at 11 ports of 798,100 mt in physical content, up 34,200 mt in physical content from the previous period. The main increases came from Qingdao Port and Fangchenggang Port, up 40,000 mt and 20,000 mt MoM respectively; the decreases were mainly from Jinzhou Port and Nanjing Port, down 12,000 mt and 10,000 mt MoM respectively.
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