SMM Analysis: Collapse of Copper Concentrate Supply Fundamentals, Imbalance in Supply and Demand, Processing Fees Show No Improvement

The currently known significant disruptions are Cobre Panama and Anglo American, but potential high-risk factors could become a dormant volcano at any time, making the already tight copper concentrate supply even worse. For example, the Las Bambas copper mine once again encountered community protest demonstrations, affecting the production and shipment of Las Bambas copper mine, and the ongoing war in Ecuador is affecting the production and transportation of Mirador, which will directly impact the raw material supply of Tongling Jinbei. If potential high-risk factors erupt, the spot market for copper concentrate may further trigger a sell-off, with $30 still not being a low point. SMM has produced a global copper concentrate supply and demand balance table based on the latest supply and demand information.