On August 28, the SMM Imported Copper Concentrate Index (weekly) stood at -199.84 $/dmt, down 17.7 $/dmt from -182.14 $/dmt in the previous period. In August, the SMM Imported Copper Concentrate Index (monthly) came in at -182.81 $/dmt, down 34.53 $/dmt from -148.28 $/dmt in July. The payable indicator for 20% grade concentrates in domestic trade was reported at 98.5%-99.5%.
This week, activity in the spot market rebounded. In spot transactions, a trader sold 40,000 mt of bundled concentrates to a smelter at a fixed number of -$198/dmt, with Q4 loading and QP: M+1/M+5; another trader sold 10,000 mt of Mantoverde to a smelter at index minus $20/dmt, and simultaneously sold 10,000 mt of Calcine to a smelter at around index plus $5/dmt, with shipment dates in September and December, respectively, and QP: M+1/M+5. According to market rumors, a trader sold 10,000 mt of clean ore to a smelter at index minus $25/dmt, with October loading; a mine sold 10,000 mt of Escondida to a smelter at a fixed number of -$203/dmt, with October loading and QP: M+3; a trader sold 10,000 mt of Asmara to a smelter at index minus $18/dmt, with September loading, where the copper grade was 13%-18% and the copper payable indicator was deducted by 1.1%. A trader offered 10,000 mt of South American clean ore for October at index minus $26-27/dmt. Another trader offered South American clean ore for Q4 at index minus $30/dmt or at a fixed number of -$210/dmt. On the mine tender side and at the trader window, the previously tendered 10,000 mt of Asmara traded at a fixed number of -$215/dmt to -$220/dmt. Currently, trader offers were concentrated at index minus $25-30/dmt. Smelters’ acceptance of deeper minus levels continued to decline, and they instead sought fixed numbers to lock in procurement costs. Pricing divergences between the two sides raised the difficulty of closing low-TC deals. In the short term, spot TC is expected to remain under pressure, but the pace of declines will slow down and downside room will narrow.
On August 26, Jiangxi Copper Corporation released its 2026 semi-annual report. In H1, the company’s production of contained copper in self-produced copper concentrates was 136,400 mt, up 37.36% YoY. This calculation included First Quantum’s attributable production: First Quantum produced 197,000 mt of contained copper in copper concentrates in H1, and JCC recognized 36,400 mt of attributable production based on its 18.47% shareholding. The company’s production from captive mines in China was 100,000 mt. Resources side, as of year-end 2025, the company held 8.5589 million mt of copper resources on a wholly owned basis; after adding attributable resources from joint ventures and associates, attributable and controllable copper resources reached 13.9554 million mt. During the reporting period, JCC completed the acquisition of 100% equity in SolGold, whose Cascabel project’s Alpala deposit contained 12.2 million mt of measured, indicated, and inferred copper resources. In addition, the Phase III expansion of the Wushan Copper Mine and the copper-molybdenum separation project at the Chengmenshan Copper Mine had commenced production, while follow-on projects such as the capacity expansion and deepening at the Dexing Copper Mine and deep resource development at the Yongping Copper Mine continued to advance.
On August 28, Sumitomo Corporation of Japan announced that, through a special purpose vehicle (SPV), it would participate in the investment in Chile’s Dos Amigos copper-gold project via a 50:50 joint venture with Canada’s G Mining Group. The SPV subscribed for approximately C$48 million in a private placement of shares in Tintina Mines Limited (with Sumitomo contributing approximately C$24 million). Upon completion of the transaction, it will hold about a 25% equity stake in Tintina, corresponding to an effective economic interest of approximately 12.5% in the project. The funds will be used to acquire the remaining interests in the project and to advance the final investment decision (FID). The project is located in Chile’s Atacama Region, about 130 km northeast of La Serena. A 2026 PEA showed measured + indicated resources of approximately 101 million mt and inferred resources of approximately 256 million mt. It is expected to adopt open-pit mining, with a processing capacity of 35,000 mt/day, a mine life of about 25 years, average annual copper production of about 37,000 mt, and gold production of 57,000 ounces. The project is surrounded by existing mining infrastructure (transportation and power), and its relatively low elevation provides development advantages. Sumitomo lists copper as a critical strategic mineral; this investment is an important step in establishing a strategic partnership with G Mining Group and strengthening its upstream resource platform.
On August 27, Argentina and Chile formally approved three cross-border mining operation agreements (PAS) for Vicuña, NexoAndino, and Filo Sur, aiming to promote the development of large copper mine projects along the Andean border. According to disclosures by the two governments, the agreements involve an investment scale exceeding $20 billion and are expected to add approximately 540,000 mt/year of copper capacity in the longer term. This approval is not a mine construction permit; rather, under the framework of the Treaty on Mining Integration and Complementation, it provides an integrated operating mechanism for cross-border mines—covering roads, power supply, water supply, and the movement of personnel and equipment—which helps reduce development costs for large copper mines and accelerate project progress. However, the related growth mainly belongs to medium and long-term supply, with limited impact on current global spot supply of copper concentrates and TC levels. More importantly, it further reinforces the Andes region’s position as the core source of future global copper mine growth.
On August 28, 2026, SMM recorded copper concentrates inventory at eleven ports at 825,000 mt in physical content, an increase of 56,000 mt in physical content from August 21. The main growth came from Fangchenggang and Jinzhou Port, up 40,000 mt and 43,000 mt MoM, respectively; the declines mainly came from Huludao Port and Yantai Port, down 5,000 mt and 31,300 mt MoM, respectively.
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