COMEX Copper Inventories (2017-8-30)

[SMM Copper Anode Market] Affected by the National Day holiday, the SMM weekly operating rate of secondary anode plate enterprises in China fell 5.17 percentage points WoW to 46.43% during Oct. 2-8. It is expected to rebound 9.73 percentage points WoW to 56.16% next week.

Codelco said on October 6 that it is investigating possible duplicate accounting of production at its Ministro Hales and Salvador divisions during 2024 and 2025. Based on preliminary information, the same material may have been recorded as production by more than one division, potentially inflating the company’s reported production and inventory figures. Codelco has referred the findings to Chile’s Public Prosecutor’s Office and commissioned EY to conduct an independent external audit into the case. KPMG will continue its broader review of Codelco’s production reports for 2024–2025. An earlier internal audit found that material still requiring further processing had been reported as finished copper production at Chuquicamata and Ministro Hales in 2025, involving approximately 26,875 tonnes of copper. The company subsequently dismissed one executive and imposed disciplinary measures on other employees. The latest investigation could further affect market assessments of Codelco’s historical production data, but no revision to reported output has been confirmed. Codelco has also abolished the vice-president position responsible for the joint Andina–Los Bronces operating plan and appointed Claudia Monreal López to lead a new coordination team from October 27.