First Quantum to Sell Turkey's Çayeli Mine to Cengiz for $340M, Awaits Regulatory Approval

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,788/mt, touched a high of $13,803/mt at the beginning of the session, then the copper price center continuously moved downward, dipping to $13,499.5/mt near the end of the session, and finally settled at $13,517/mt, a decline of 2.78%. Trading volume reached 25,200 lots, and open interest was 273,000 lots, increasing by 1,576 lots compared to the previous trading day, indicating an increase in bearish positions. Last Friday night, the most-traded LME copper contract 2607 opened at 104,790 yuan/mt, rose to 105,000 yuan/mt at the start, then fluctuated downward throughout the session, dipping to 103,600 yuan/mt near the end, and finally settled at 103,800 yuan/mt, a decline of 1.84%. Trading volume reached 62,000 lots, and open interest was 167,000 lots, decreasing by 6,309 lots compared to the previous trading day, indicating a reduction in bullish positions.

Peru will hold its presidential runoff on June 7, drawing close attention from the mining industry. As the world's second-largest copper producer, any shift in mining policy could have significant implications for global copper supply. Investors are watching proposals related to environmental regulations and resource taxation. The election outcome may influence future copper project development and investment decisions.

Mexican miner Minera Frisco has restarted two previously idled mines and is planning a new silver production unit. The company produces copper, gold and silver across multiple operations. With copper prices remaining elevated, miners are increasingly looking to bring dormant capacity back online. Analysts believe such restarts could help ease concentrate supply tightness over the medium term.