ICSG Reports Slight Narrowing of Global Refined Copper Deficit in December 2024

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,250/mt, fluctuated downward in early trading to touch a low of $13,222.5/mt, then the price center gradually shifted upward to reach $13,304.5/mt, before experiencing wild swings and ultimately closing at $13,276/mt, down 0.15%, with trading volume at 22,800 lots and open interest at 289,000 lots, a decrease of 174 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 102,160 yuan/mt, fluctuated upward in early trading to reach 102,450 yuan/mt, then the price center gradually shifted downward to touch 101,760 yuan/mt, before fluctuating upward again and ultimately closing at 102,060 yuan/mt, down 0.22%, with trading volume at 27,700 lots and open interest at 157,000 lots, a decrease of 2,533 lots from the previous trading day, indicating bulls reducing positions.

Atico Mining Corporation has secured key environmental permits for its La Plata copper-gold project in Ecuador, marking a major milestone toward construction readiness. The company confirmed that Ecuador’s Ministry of Environment granted the Environmental License along with additional regulatory registrations, enabling further progress toward development. CEO Fernando Ganoza stated the project is now nearing a construction decision, expected in Q2-Q3 2026, following years of exploration, feasibility studies, and environmental assessments.

Chile's Antofagasta mining company released its Q1 2026 production report. CEO Ivan Arriagada stated that he was pleased to report another quarter of strong cash cost performance. The group's net cash cost for the quarter was 108¢ per pound, with Los Pelambres mine at 72¢ per pound and Centinela mine at 34¢ per pound. This fully demonstrates the quality of the company's asset portfolio, including our significant exposure in gold and molybdenum operations.