Downstream restocking and cargo pick-up, market supply decreases [SMM North China Spot Copper]

Orion CMC is in advanced discussions on three Asian partnerships to support a US$20 billion pipeline of critical mineral projects. Copper, lithium and rare-earth developments are among its priority investment targets.

Anglo American and Chile's state-owned miner Codelco have finalized a joint mine plan agreement to integrate the development of their neighbouring Los Bronces and Andina copper operations. Subject to regulatory approvals, the project is expected to add approximately 2.7 million tonnes of copper production over the next 21 years, with average annual incremental output of around 120,000 tonnes of low-cost copper shared equally between the two companies. The partners estimate the collaboration could unlock at least US$5 billion in value by optimizing mine sequencing, sharing infrastructure and improving resource utilization without requiring significant additional capital investment. The agreement is expected to strengthen Chile's position as the world's leading copper producer and support its goal of increasing national copper output to 6 million tonnes by 2030.

Overnight, LME copper opened at $13,278.5/mt, touched a high of $13,289/mt right after opening, then its center moved downward to hit $12,988/mt, and finally closed at $13,026.5/mt, down 2.59%. Trading volume reached 36,000 lots, open interest stood at 248,000 lots, a decrease of 4,061 lots from the previous trading day, reflecting long position liquidation. Overnight, the most-traded SHFE copper 2608 contract opened at 102,200 yuan/mt, edged up slightly to 102,260 yuan/mt in early trading, then fluctuated downward to touch a low of 100,500 yuan/mt, and finally closed at 100,880 yuan/mt, down 2.58%. Trading volume reached 93,000 lots, open interest stood at 162,000 lots, an increase of 5,968 lots from the previous trading day, reflecting bearish position additions.