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On January 10, the SMM Imported Copper Concentrate Index (weekly) was $4.36/mt, down $1.49/mt from the previous $5.85/mt. The pricing coefficient for domestic trade ore with a grade of 20% was 93%-95%.
Recently, spot market trading activities have been relatively active. A trader sold 10,000 mt of Constancia copper concentrates to a smelter, with a processing fee at mid-to-high single digits, shipment scheduled for February, and QP set at M+5. Another trader plans to offer 20,000 mt of bundled ore to a smelter at mid-to-low single digits, with QP set at M+5 and shipment scheduled for February/March. During the week, India's MCP mine tendered 12,000-15,000 mt of copper concentrates to traders, with shipment scheduled for February/March. SPCC tendered 10,000 mt of Cuajone copper ore, with the tender closing in mid-January and QP set at M+5. During the week, three cargoes were traded between traders and smelters. One cargo was a high-grade mixed ore bulk shipment from South America, transacted at mid-to-high single digits, with shipment scheduled for February/March and QP set at M+5. The other two cargoes were containerized mixed ore, each 4,000-5,000 mt, with a processing fee at the low end of $10, shipment scheduled for Q1, and QP set at M+5. A smelter purchased 20,000 mt of Las Bambas from a trader at mid-to-low single digits, with QP set at M+5, shipping 10,000 mt in Q1 and 10,000 mt in Q2.
According to SMM, Freeport is expected to initiate the second round of copper concentrate export license negotiations with the Indonesian government by the end of January.
According to foreign media reports, Taseko Mines stated that improved ball mill availability at its Gibraltar copper mine could increase copper production to 54,000-59,000 mt, a significant rise compared to 2024. Western Mining Group proposed at its recent 2025 work conference to strive for an annual copper mine production exceeding 185,000 mt, zinc mine production exceeding 130,000 mt, and lead mine production exceeding 60,000 mt in 2025. Hudbay Minerals is seeking to expand its Constancia copper mine in the Cusco region of Peru. The expansion plan includes enlarging the Constancia pit (operational since 2014), installing new processing equipment, and increasing the height of the tailings dam wall. Construction is expected to begin in Q4 2025.
As of January 10, SMM's nine-port copper concentrate inventory stood at 936,900 mt, down 167,800 mt from the previous period, with the main reduction coming from Fangchenggang. This week, Fangchenggang's copper concentrate inventory decreased by 110,000 mt WoW.
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