Codelco Appoints New CEO Amid Major Management Overhaul

A Reuters analysis suggests that expectations for AI-driven copper demand may be overstated. Although AI data centers consume more copper than conventional facilities, project deployment faces bottlenecks including power availability, grid connections, logistics and labor constraints. Advances in fiber-optic and high-voltage technologies may also reduce copper intensity. AI remains supportive for copper demand, but perhaps not to the extent many bulls anticipate.

Zambia has extended its suspension of export duties on copper concentrates until September 30 to ease stockpile pressure caused by prolonged smelter outages. The measure covers more than 270,000 tonnes of concentrate from major producers including Mopani, Lumwana, and First Quantum. Authorities hope the extension will help maintain supply-chain stability while domestic processing facilities recover.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,948.5/mt, touched a high of $13,952/mt early in the session, then the copper price center moved downward throughout the session, touching a low of $13,785/mt near the close, and finally settled at $13,785.5/mt, down 1.42%, with trading volume at 21,000 lots and open interest at 272,000 lots, a decrease of 370 lots from the previous trading day, mainly reflecting bulls reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 106,360 yuan/mt, touched a high of 106,540 yuan/mt right at the open, then the copper price center fluctuated downward, touching a low of 105,730 yuan/mt near the close, and finally settled at 105,860 yuan/mt, down 0.49%, with trading volume at 38,000 lots and open interest at 185,000 lots, a decrease of 3,142 lots from the previous trading day, reflecting bulls reducing positions.