Copper Production Resumes; Operating Rates Expected to Rise by 1.13% Next Week

[Deep Seismic Risks Emerge, Codelco Suspends Andes Norte Expansion Project at El Teniente Copper Mine] Codelco temporarily suspended development and construction activities at the Andes Norte project of the El Teniente copper mine due to potential new-type seismic risks emerging in deep areas, while other production areas of the mine remain in operation. The company will further strengthen seismic monitoring and technical assessment and has not yet announced a resumption time. Andes Norte is an important project for the deep resource succession of El Teniente. This suspension may increase uncertainty over the mine’s medium and long-term production recovery and the commissioning of deep projects.

[SMM Copper Cathode Rod Update] This week, copper cathode rod enterprises mainly made just-in-time procurement of raw materials, raw material inventories edged up slightly WoW, downstream cargo pick-up willingness was sluggish, and finished product inventories rose WoW.