SHFE/LME price ratio weakens, suppliers hold back, spot market activity low in early trading [SMM Yangshan spot copper]

[SMM Flash] According to market sources: "The White House has not yet made a decision on copper cathode tariffs, and officials are weighing the potential benefits of higher copper prices possibly pushing up manufacturing costs against encouraging domestic mining." When the news was released, SHFE copper was closed, LME copper fell by more than 2%, and the nearby CL price spread was inverted. Copper prices have swung wildly recently, and all market participants are advised to stay alert to market risks.

AIC Mines has started dry commissioning of the Stage 1 expansion of its Eloise copper-gold processing plant in North-West Queensland, Australia, marking a key milestone as the company ramps up ore supply from the nearby Jericho copper mine. AIC Mines Managing Director Aaron Colleran said during the Meeting of the Mines conference on September 10 that power has been switched on at the expanded facility and dry commissioning is underway. The project remains on budget and on schedule for commissioning during the December quarter. The expansion will increase processing capacity from approximately 725,000 tonnes per year to 1.1 million tonnes per year. Underground development at Jericho, located approximately 4 km south of Eloise, is progressing alongside the plant expansion. AIC Mines expects combined mining rates from Eloise and Jericho to reach approximately 1.1 million tonnes per year by December. Recent processing trials using Jericho ore have supported the planned ramp-up. A blended Eloise-Jericho ore trial produced on-specification copper concentrate with average copper recovery of 92.3%, compared with typical Eloise recoveries of 93–95%. A separate Jericho-only trial achieved average copper recovery of 90.3%. AIC Mines' three-year production outlook targets 17,500–18,500 tonnes of copper in FY2027, rising to 20,000–22,000 tonnes in FY2028 and 25,000–27,000 tonnes in FY2029. Eloise produced 13,064 tonnes of copper in FY2026. The company has also committed to a second-stage expansion to increase processing capacity to 1.5 million tonnes per year by FY2029. The start of dry commissioning represents tangible progress in AIC Mines' transition from the existing Eloise operation toward higher combined Eloise-Jericho copper production. The Stage 1 expansion is expected to provide the processing capacity required for increasing Jericho ore supply, supporting a substantial rise in copper output over the next three financial years.