[SMM Analysis: Q1 Production of Top 15 Miners Released, Copper Concentrates Supply Not Looking Optimistic] The copper production of the top 15 miners in Q1 2025 has been released. According to SMM statistics, the Q1 copper production of the top 15 miners was 2,967 kt (metal content), down 0.8% YoY and 12.8% QoQ. However, based on the Q1 production data, the raw material supply this year does not seem optimistic.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 8 May, 2025