SMM Report on Copper Spot Quote

SMM Morning Commentary: Overnight LME copper opened at $14,697.5/mt, initially touched a high of $14,708/mt, then drifted lower, dipping to $14,563.5/mt near the end of the session, and finally settled at $14,615.5/mt, down 1.13%. Trading volume reached 19,700 lots, and open interest stood at 263,900 lots, down 137 lots from the previous trading day, reflecting long liquidation. Overnight the most-traded SHFE copper 2610 contract opened at 110,790 yuan/mt, initially rose to 111,160 yuan/mt, then the price center moved straight down to a low of 110,560 yuan/mt, followed by wild swings before finally settling at 110,770 yuan/mt, down 0.5%. Trading volume reached 23,700 lots, and open interest stood at 123,500 lots, down 6,559 lots from the previous trading day, reflecting long liquidation.

BHP’s Escondida copper mine in Chile’s Atacama Desert announced on September 23 that a contractor was killed in an accident involving a front-end loader during equipment maintenance. All operations at the mine were subsequently suspended. Escondida expects copper production to reach up to 1.26 million tonnes in fiscal 2026. Chile’s mining regulator Sernageomin has dispatched personnel to investigate the incident. Under local procedures, operations cannot resume after a fatal accident until inspectors confirm that the site is safe. No restart timeline has been provided. Meanwhile, Escondida’s supervisors’ union is preparing to mobilise members to reject the latest wage proposal. The combination of labour uncertainty and the production halt has increased near-term supply risks.