China's smelters' copper anode inventories decline

During the day, market sources reported that Freeport-McMoRan had postponed the full production resumption timeline for its Grasberg copper mine in Indonesia to early 2028, one year later than previous expectations. According to SMM, a Freeport representative responded that the Grasberg copper mine's production resumption status was consistent with the official disclosure made during the Q1 earnings call. The specific plan is as follows: restart Grasberg Block Cave (GBC) production block 1S in Q2 2027, and restart production block 1C before the end of 2027. The market should not over-interpret this, and all parties are advised to monitor whether there are further updated statements in the company's subsequent disclosure documents.