News

[SMM Analysis: Key Anchor in Great Power Rivalry: The U.S. "Project Vault" and the Changing Resource Landscape in Latin America] While the second phase of Chinese company's Mirador copper mine in Ecuador remains mired in a 'completed but awaiting approval' deadlock, 10,000 kilometers away in Washington, the President, alongside the Export-Import Bank of the United States, is announcing a historic supply chain security initiative named 'Project Vault.'

[SMM Analysis: The "Key Anchor Point" in Great Power Rivalry: The US "Treasury Plan" and the Resource Reshuffle in Latin America] As the second phase of the Mirador copper mine project in Ecuador, developed by a Chinese enterprise, remains stuck in a "built but awaiting approval" deadlock, ten thousand kilometers away in Washington, the US Export-Import Bank, together with the President, is announcing a historic supply chain security initiative called the "Treasury Plan." In the pause and the start, a global covert battle over critical minerals such as copper, lithium, cobalt, and gallium is moving from behind the scenes to the forefront.

【SMM News Flash】Hindalco Industries reported a 45% decline in Q3 profit, despite strong aluminum and copper prices, as rising costs and operational disruptions at its US subsidiary Novelis weighed on performance.The metal producer, part of the Aditya Birla Group, posted a consolidated net profit of 20.49 billion rupees for the three months ended December 31, down from 37.35 billion rupees a year earlier.The profit drop was mainly due to an exceptional expense of 26.1 billion rupees related to disruptions at the Oswego plant in New York.

【SMM News Flash】Fernando Aboitiz, Director of Mining at Mexico's Ministry of Economy, stated that since October 2024, the Mexican government has revoked 1,126 mining concessions, covering an area of 889,000 hectares. At the president’s regular morning press conference on Thursday, he noted that the concessions were revoked from individuals and enterprises due to their failure to pay mining rights maintenance fees and to submit statistical data or progress reports.

【SMM News Flash】Alexander Leonov, head of Norilsk Nickel's Norilsk division and vice president of the Russian metal producer, stated that the company plans to initiate nickel smelting trials at its copper smelter this year. This initiative aims to maintain production levels during the major furnace refurbishment scheduled for 2027. This innovative measure will enable the company to sustain nickel output throughout the maintenance period. As the world's largest palladium producer and a major nickel supplier, Norilsk Nickel is expected to carry out a major overhaul of the Nadezhda Metallurgical furnace in Norilsk in 2027. Leonov noted that the shutdown will last approximately 270 days, temporarily reducing the plant's capacity by nearly half.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 13 Feb , 2026

During the week of February 6–12, the operating rate of SMM copper wire and cable enterprises was 56.01%, down 4.13 percentage points WoW. This week marked the final production week before the Chinese New Year holiday for the industry, with most enterprises gradually halting operations by the end of the week. Looking ahead to next week, enterprises across the industry will essentially enter the Chinese New Year holiday in full swing, with only a few enterprises retaining orders on hand keeping part of their capacity operational. SMM expects the operating rate of copper wire and cable to drop 40.81 percentage points WoW to 15.2% next week.

All production processes at the third-phase concentrator of Wushan Copper Mine, a subsidiary of Jiangxi Copper Corporation, have been largely streamlined, achieving key progress in system construction and trial production. As of the end of January this year, core production processes at the concentrator, including grinding, flotation, and copper concentrate filtration, have been fully connected, with copper concentrate successfully delivered to the warehouse.

【SMM Copper Cathode Rod Express】This week, the operating rate in the domestic copper cathode rod industry fell 12.43 percentage points MoM, as downstream stockpiling for the Chinese New Year entered its final stage and market trading was mediocre. Affected by the upcoming concentrated holidays among enterprises next week, SMM expects the operating rate to drop significantly by 43.56 percentage points MoM to 13.08%.

The year 2025 has concluded. Against a backdrop of copper prices repeatedly reaching historic highs, what characteristics did the operating rates in the wire and cable industry exhibit over the past year? As 2026 marks the beginning of the 15th Five-Year Plan period, where does the future development of the wire and cable industry lie? ......

[SHFE Copper Spot] Looking ahead to the post-holiday period, as the Chinese New Year holiday approaches, market participation continues to decline, with most suppliers and downstream enterprises gradually entering a holiday state, leading to a sluggish overall trading atmosphere during the day. On the supply side, the price-locked imports that were secured when the import window was open are continuously arriving, resulting in a significant inventory buildup in the Shanghai area. On the demand side, due to the approaching holiday, most downstream enterprises have already taken leave, causing procurement demand to weaken continuously. Additionally, February 24 is the last trading day for the SHFE copper 2602 contract, and many suppliers choose to hold their positions through the holiday, awaiting delivery. Some suppliers have already started tentatively quoting around parity for the SHFE copper 2603 contract, and it is expected that on the first trading day after the holiday, spot copper premiums over the SHFE 2603 contract will be quoted high but trade lower. It is worth noting that although some warrant cargoes will be locked up for delivery, the imported cargoes arriving before and during the holiday may impact spot transactions. On the first trading day after the holiday, since SMM always quotes the front-month contract, it is expected to show a high premium over the front month based on the price spread conversion, but this is expected to be corrected by the second trading day. Overall, spot premiums and discounts remain under pressure.