SMM, Feb. 11: Lun Copper performed better than most non-ferrous metals during the Spring Festival, but the decline in the past two trading days brought Lun Copper back to its pre-Spring Festival level. On the first trading day after the Spring Festival, Shanghai Copper opened high and closed up nearly 0.4%.
(Codelco), the Chilean state copper company, said its Ministro Hales copper mine had resumed operations late Friday after a few hours of production suspension, and workers at the Chuquicamata copper mine had begun shifts on Saturday afternoon in an effort to gradually return to normal operations. Water supply and stable electricity at the Chuquicamata copper mine have been restored, Codelco said. Operations at the mine had been suspended due to heavy rain. Meteorologists say rainfall in some areas is at its highest in more than 40 years, killing at least six people, disrupting electricity and water supplies and destroying roads and homes.
Torrential rains and thunderstorms are expected in the next 24 hours, with the risk of landslides and landslides. Other mines in the region, such as Radomiro Tomic, Gabriela Mistral and Ministro Hales, continue to operate at a relatively normal level, but precautions are in place, Codelco said.
SMM said that at present, Ministro Hales has been put into operation again, and the restart of the Chuquicamata copper mine has also been put on the agenda, and there is a good chance that it will be put into operation after the rainstorm warning is lifted, and the impact on the market has now been digested. And considering that the copper mine has changed from the world's largest open-pit copper mine to underground copper mining, the impact and recovery progress will be better than the open-pit copper mine. It should be noted that Chuquicamata production accounts for about 20% of Codelco production and about 2% of global production. If torrential rains continue to delay restart, copper supply may be affected. Recent SMM research has learned that Due to the rapid expansion of domestic smelting capacity, the supply of copper concentrate is relatively tight, and the spot copper concentrate TC has been reduced. If this event further affects production, it will further push the TC downlink on the supply side.