Published: Dec 13, 2023 09:01
SMM Morning Comments: Copper Upward Shifts to Reverse Water, Downstream Buy Interest Rises: On December 13, the spot price of 1# electrolytic copper was quoted at a discount of 30 yuan/ton to a premium of 10 yuan/ton for the 2312 contract, with an average price of a discount of 15 yuan/ton, down 120 yuan/ton compared to the previous period. Yesterday, the mainstream flat water copper quoted at a discount of 30 yuan/ton to a premium of 0 yuan/ton, while the good copper quoted at a discount of 20 yuan/ton to a premium of 10 yuan/ton. The price difference in the next month narrowed to BACK 320 yuan/ton. Last Friday, Shanghai copper opened lower with a gap, causing copper prices to fall. ....

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
ACG’s Gediktepe Sulphide Expansion Produces First Copper and Zinc Concentrates; Full Production Targeted by End-2026
33 mins ago
ACG’s Gediktepe Sulphide Expansion Produces First Copper and Zinc Concentrates; Full Production Targeted by End-2026
Read More
ACG’s Gediktepe Sulphide Expansion Produces First Copper and Zinc Concentrates; Full Production Targeted by End-2026
ACG’s Gediktepe Sulphide Expansion Produces First Copper and Zinc Concentrates; Full Production Targeted by End-2026
ACG Metals announced on September 1 that its Gediktepe mine in Türkiye produced its first copper concentrate on August 31, marking the start of the ramp-up phase. The company will progressively increase throughput and optimise plant performance, targeting full production by the end of 2026. Gediktepe’s steady-state annual production target is 20,000–25,000 tonnes of copper equivalent. The full announcement also confirmed that the mine produced its first zinc concentrate in August 2026, although the specific date and volumes were not disclosed. SMM estimates the mine’s zinc-in-concentrate production at approximately 10,000–15,000 tonnes of contained zinc in 2026.
33 mins ago
[ SMM Analysis ] A Visual Guide to the 2026 Semi-Annual Reports of 19 Copper Smelters
46 mins ago
[ SMM Analysis ] A Visual Guide to the 2026 Semi-Annual Reports of 19 Copper Smelters
Read More
[ SMM Analysis ] A Visual Guide to the 2026 Semi-Annual Reports of 19 Copper Smelters
[ SMM Analysis ] A Visual Guide to the 2026 Semi-Annual Reports of 19 Copper Smelters
46 mins ago
MMG Places US$64 Million Equipment Order to Support Khoemacau Expansion in Botswana
2 hours ago
MMG Places US$64 Million Equipment Order to Support Khoemacau Expansion in Botswana
Read More
MMG Places US$64 Million Equipment Order to Support Khoemacau Expansion in Botswana
MMG Places US$64 Million Equipment Order to Support Khoemacau Expansion in Botswana
Epiroc has secured an approximately SEK610 million (US$64 million) order from MMG Limited and its mining contractors, China Huaye and 23MCC, for underground mining equipment to support the expansion of the Khoemacau Copper Mine in Botswana. The order includes face drilling rigs, production drilling rigs, cable-bolting rigs, loaders and underground mine trucks, together with remote-control systems, spare parts, training and on-site technical support. The equipment will support MMG’s ongoing Khoemacau expansion, which is designed to increase annual production capacity from approximately 60,000 tonnes to 130,000 tonnes of copper metal in concentrate. The project includes construction of a new 4.5 Mt/y processing plant, which will lift total milling capacity to more than 8 Mt/y, alongside development of Zone 5 North, Mango and Zeta North-East. First copper concentrate from the expansion is expected in H1 2028. Epiroc said delivery of the new underground fleet will begin in Q4 2026 and is expected to be completed by Q2 2028, broadly aligning with the expansion schedule. The ordered fleet includes Boomer face drilling rigs, Simba production drilling rigs, Cabletec cable-bolting rigs, Scooptram loaders and Minetruck underground trucks, with several units equipped for automation and remote-control operation. The equipment order represents another execution milestone for the already-approved Khoemacau expansion, rather than a new production target. With procurement progressing and equipment deliveries scheduled through Q2 2028, the project continues to advance toward MMG’s planned increase in copper-in-concentrate capacity to 130,000 tonnes per year. The expansion represents a significant planned increase in Khoemacau’s copper production capacity in Botswana’s Kalahari Copper Belt.
2 hours ago