On September 24, the SMM Imported Copper Concentrate Index (weekly) stood at -$224.53/dmt, down $2.64/dmt from -$221.89/dmt in the previous period. The payable indicator for 20% grade domestic trade ore was quoted at 98.5%-99.5%.
This week, spot trading activity for imported copper concentrates declined further. In terms of spot deals, a trader sold 10,000 mt of clean ore to a smelter at the index minus $25/dmt, with shipment in November and QP at M+1/M+5. Another trader sold approximately 20,000 mt of high-gold ore to a smelter at the index minus $17/dmt to -$18/dmt, with shipment from October to January next year. On the mine tender front, on the trader side, the winning bid price for 10,000 mt of BISHA for late October was at the trader index minus $40/dmt or lower. In addition, smelters' acceptance of index-deducted pricing continued to decline, with some indicating they could only purchase on an index basis and calling for more fixed-price procurement. Moreover, some smelters expressed a stronger willingness to cut production and are considering reducing spot procurement volumes of imported copper concentrates.
On the morning of September 22, CSPT held its Q3 general manager office meeting in Shanghai, where it unanimously decided not to set a copper concentrate TC procurement guidance price.
On September 23, a front-end loader accident occurred during equipment maintenance at BHP's Escondida copper mine in Chile, resulting in the death of a contractor employee. The mine immediately suspended all operations. Chile's mining regulator Sernageomin has arrived on site to investigate, and production resumptions must await regulatory confirmation of safety, with no clear timetable at present. The mine produced 1.2612 million mt of copper in FY2026. The accident-related shutdown, combined with an upcoming union strike vote, has significantly heightened short-term supply risks.
Labor negotiation risks at two major Chilean copper mines, Centinela and Escondida, are escalating simultaneously. The Centinela concentrator union said negotiations have reached an impasse and expects to reject the company's wage proposal next week and initiate strike procedures. The Escondida No. 2 supervisors and staff union also called on more than 1,000 members to reject the final offer and will vote from September 28 to 30. Currently, strikes at both mines have not yet materialized and still require member votes and statutory mediation. If strikes occur, they will undermine the mines' ability to deliver on production guidance.
On September 24, 2026, SMM recorded copper concentrate inventories at 11 ports of 698,200 mt in physical content, down 112,800 mt in physical content from the previous period. The main growth came from Huangpu Port, up 10,000 mt MoM. The declines mainly came from Fangchenggang Port, Qinzhou Port, and Nanjing Port, down 30,000 mt, 21,000 mt, and 20,000 mt MoM, respectively.
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