[SMM Analysis: When It Rains, It Pours - Global Copper Concentrates Supply-Demand Balance After the Earthquake at KK Mine] At the end of May, Chinese smelters and Antofagasta commenced mid-year negotiations. In the first round of negotiations this year, miners had already offered a midpoint price of -US$15 to the smelters. This figure was significantly lower than the US$0/dmt that had circulated in the market in late April. According to SMM, many raw material procurement teams from leading smelters in the CSPT group indicated that the negotiations were fraught with difficulties, and it was exceptionally challenging to secure a favorable figure.

[SMM Spot Copper] Looking ahead to next week, Monday will be the last trading day for the SHFE copper 2506 contract, and the price spread between futures contracts is expected to fluctuate frequently. Suppliers will actively quote prices for the following month, with premiums expected to start at 100-150 yuan/mt against the SHFE copper 2507 contract.