1.MMG Copper Production Hits Record High, LME Copper Fluctuated and Closed Higher Overnight 
Friday, Jan. 23, 2026
Futures: LME copper opened at $12,636.5/mt overnight, initially touched a low of $12,623/mt, then copper prices fluctuated upward, approached a high of $12,868.5/mt near the close, and finally settled at $12,840/mt, up 0.62%. Trading volume reached 28,000 lots, and open interest stood at 316,000 lots, down 1,559 lots from the previous session, mainly due to short covering. The most-traded SHFE copper contract 2603 opened at 99,800 yuan/mt overnight, touched a low of 99,440/mt at the beginning, then fluctuated rangebound, approached a high of 100,500 yuan/mt near the close, and finally settled at 100,270 yuan/mt, down 0.43%. Trading volume reached 111,000 lots, and open interest stood at 225,000 lots, up 2,144 lots from the previous session, mainly due to short adding.
[Copper Morning Conference Summary] News:
(1) On Jan. 22, MMG's 2025 copper cathode production was 507,000 mt, up 27% YoY, hitting a record high since 2018. Among them, Las Bambas produced 410,800 mt of copper cathode in 2025, up 27% YoY.
(2) On Jan. 22, Teck Resources' 2025 copper production was 453.5 kt in metal content, up 1.7% YoY, in line with the production guidance of 415-465 kt in metal content.
Spot:
(1) Shanghai: During the morning session on Jan. 22, the SHFE copper 2602 contract showed a "W" pattern, opening at 100,220 yuan/mt, falling to a low of 99,940 yuan/mt, then rising and twice touching above 100,780 yuan/mt, followed by another decline to 100,200 yuan/mt, before rising again to close at 100,270 yuan/mt. The Contango spread between front-month and next-month contracts ranged from 270 yuan/mt to 210 yuan/mt. The import loss for the front-month SHFE copper contract was between 360-430 yuan/mt. Looking ahead to today, with copper prices' center moving lower, downstream purchasing sentiment improved, market transactions continued to recover, suppliers showed stronger willingness to hold prices firm yesterday, and some scarce cargoes traded relatively actively. Suppliers' offers are expected to remain relatively stable today.
(2) Guangdong: On Jan. 22, spot #1 copper cathode in Guangdong was at a discount of 200-90 yuan/mt against the front-month contract, with the average discount at 145 yuan/mt, flat from the previous session; SX-EW copper was quoted at a discount of 260-240 yuan/mt, with the average discount at 250 yuan/mt, flat from the previous session. The average price of #1 copper cathode in Guangdong was 100,310 yuan/mt, up 490 yuan/mt from the previous session, while the average price of SX-EW copper was 100,205 yuan/mt, up 490 yuan/mt from the previous session. Overall, as copper prices rose again, downstream restocking interest was low, and spot premiums only held flat from yesterday.
(3) Imported copper: On January 22, warrant prices were $15-29/mt, QP February, with the average price flat from the previous trading day; B/L prices were $17-27/mt, QP February, with the average price flat from the previous trading day; EQ copper (CIF B/L) was -$16/mt to -$6/mt, QP February, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late January and early February.
(4) Secondary copper: At 11:30 on January 22, the futures closing price was 100,270 yuan/mt, down 40 yuan/mt from the previous trading day; the average spot premium/discount was -170 yuan/mt, up 10 yuan/mt from the previous trading day. Today, the price of copper scrap rose 200 yuan/mt WoW. The price of bare bright copper in Guangdong was 89,000-89,200 yuan/mt, up 200 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 2,723 yuan/mt, down 249 yuan/mt WoW. The price difference between copper cathode rod and secondary copper rod was 1,110 yuan/mt. According to an survey, as copper prices pulled back to around 100,000 yuan/mt, the discount of secondary copper rod against copper futures narrowed continuously. As of today, the discount of secondary copper rod in Jiangxi against copper futures was 870 yuan/mt, down nearly 500 yuan/mt from Monday. Secondary copper rod enterprises reported very sluggish sales, with the economic benefits of secondary copper rod completely disappearing. Downstream end-users continued to wait for copper prices to fall before purchasing.
Prices: On the macro front, US November PCE data rose slightly, largely in line with market expectations, putting pressure on optimistic expectations for future interest rate cuts. Additionally, production at Chile's Mantoverde copper-gold mine has basically halted, exacerbating global supply tightness and supporting LME copper's rise. On the fundamentals side, imported supply improved slightly, while domestic supply arrived steadily, resulting in overall stable supply. Demand side, stabilized copper prices coupled with stockpiling demand for the Chinese New Year led to some improvement in consumption. Inventory side, as of Thursday, January 22, copper inventories in mainstream regions across China increased 2.9% WoW from the previous Thursday, with the rate of inventory buildup narrowing. Overall, copper prices are expected to hold up well today.

2.Copper prices weakened, demand recovered somewhat, and procurement sentiment improved slightly
Today, the #1 copper cathode spot prices against the current month 2602 contract were quoted at a discount of 260 yuan/mt to a discount of 80 yuan/mt, with the average price at a discount of 170 yuan/mt, up 10 yuan/mt from the previous trading day; the #1 copper cathode price ranged from 99,740 to 100,400 yuan/mt. In the morning session, the SHFE copper 2602 contract showed a "W" pattern, opening at 100,220 yuan/mt and falling to a low of 99,940 yuan/mt, then rising and touching above 100,780 yuan/mt twice, followed by another decline to 100,200 yuan/mt, before rising again to close at 100,270 yuan/mt. The contango spread between nearby contracts ranged from 270 yuan/mt to 210 yuan/mt, and the import loss for the current month's SHFE copper contract was between 360-430 yuan/mt.
At the beginning of the morning session, suppliers quoted high-quality copper, including Guixi and Jinchuan (plate), at a discount of 100 yuan/mt to parity; standard-quality copper was quoted at a discount of 250 yuan/mt to a discount of 140 yuan/mt, with JCC traded at a discount of 140 yuan/mt, while Jinchuan Isa, Zhongtiaoshan, Chifeng Tiefeng, and Jintong Yusheng traded at discounts ranging from 250 yuan/mt to 200 yuan/mt; non-registered copper traded at a discount of 350 yuan/mt. In the second session, high-quality copper prices were adjusted downward, with Guixi and Jinchuan (plate) quoted at a discount of 130 yuan/mt to a discount of 60 yuan/mt; standard-quality copper, such as Lufang, Xiangguang, and JCC, traded at discounts of 170 yuan/mt to 120 yuan/mt. Registered SX-EW copper supply was tight, with only some Myanmar-origin material available, leading to firm offers at a discount of 320 yuan/mt to 280 yuan/mt.
Looking ahead to tomorrow, copper prices are expected to see their center shift downward, while downstream purchasing sentiment improved, and market transactions continued to improve. Today, suppliers showed stronger willingness to hold prices firm, and some scarce resources traded relatively actively. It is expected that supplier quotations will remain relatively stable tomorrow。

3.Copper Prices Rise Again with Weak Downstream Restocking Demand, Spot Premiums Only Flat from Yesterday
Jan. 22:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 200-90 yuan/mt, with the average discount at 145 yuan/mt, flat from the previous trading day. SX-EW copper was quoted at a discount of 260-240 yuan/mt, with the average discount at 250 yuan/mt, flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 100,310 yuan/mt, up 490 yuan/mt from the previous trading day, while the average price of SX-EW copper was 100,205 yuan/mt, up 490 yuan/mt from the previous trading day.
Spot market: Guangdong inventory decreased significantly today, mainly due to a sharp increase in warehouse withdrawals. After the inventory decline, suppliers actively held prices firm, with standard-quality copper once quoted at a discount of 180 yuan/mt. However, downstream acceptance was poor (reportedly, finished product inventories at copper rod enterprises remain high), forcing a re-lowering of premiums, with the final premiums only flat from yesterday. Procurement sentiment for copper cathode in Guangdong today was 2.21, down 0.22 from the previous trading day, while sales sentiment was 3.41, up 0.09 from the previous trading day (historical data available via database login). As of 11:00, high-quality copper against the front-month contract was quoted at a discount of 90 yuan/mt, standard-quality copper at a discount of 200 yuan/mt, and SX-EW copper at a discount of 250 yuan/mt.
Overall, as copper prices rose again, downstream restocking willingness was low, and spot premiums were only flat from yesterday.

4.Trading volume improves as copper prices decline, suppliers' willingness to hold prices firm subsequently rises 
Today, the #1 copper cathode spot prices against the current month 2602 contract were quoted at a discount of 280 yuan/mt to a discount of 80 yuan/mt, with the average price reported at a discount of 180 yuan/mt, down 30 yuan/mt from the previous trading day; the #1 copper cathode price ranged from 99,820 to 100,300 yuan/mt. In the morning session, the SHFE copper 2602 contract showed a slow upward trend, starting from an opening price of 99,840 yuan/mt and repeatedly testing highs up to 100,400 yuan/mt, closing at 100,310 yuan/mt. The Contango spread between adjacent months ranged from 270 yuan/mt to 180 yuan/mt, while the import loss for the current month's SHFE copper contract was between 760-820 yuan/mt.
At the beginning of the morning session, suppliers quoted high-quality copper, including Guixi and Jinchuan (plate), at a premium of 10 yuan/mt to a discount of 100 yuan/mt, while standard-quality copper was quoted at a discount of 250 yuan/mt to 50 yuan/mt. Among them, Xiangguang and Lufang quickly adjusted their prices from an initial discount of 80 yuan/mt to a discount of 170 yuan/mt. Jinchuan (plate) saw relatively fast transactions due to scarce supply. Registered SX-EW copper cathode supply was tight, with only some Myanmar-origin material circulating, leading to firm offers and transactions concluded within a discount of 300 yuan/mt. Non-registered material traded at a discount of 350 yuan/mt to 300 yuan/mt. Entering the second session, suppliers showed a strong willingness to hold prices firm, and prices largely stabilized. Due to the significant price advantage of Jinchuan (plate), actual transactions for Guixi were limited.
According to communication with enterprises, downstream market procurement volume showed a differentiated characteristic, with top-tier enterprises having relatively prominent procurement volumes, while other enterprises mostly engaged in small-scale supplementary purchases. Some enterprises also reported that end-users showed higher acceptance when copper prices were below 99,500 yuan/mt, with trading activity significantly improving. Last Friday, copper prices briefly hovered around 99,000 yuan/mt. Influenced by this, the enterprise completed a certain scale of order signing last Friday and simultaneously conducted stockpiling operations.
Looking ahead to tomorrow, the center of copper prices is expected to move downward, and market transaction conditions are expected to improve. Today, suppliers' willingness to hold prices firm strengthened, and transactions for some scarce supplies were relatively active. It is expected that suppliers' quotations may remain relatively stable tomorrow.

5.Gediktepe Sulfide Ore Expansion Progresses, LME Copper Closes Lower Overnight 
Wednesday, January 21, 2026
Futures: LME copper opened at $12,869.5/mt overnight. It initially touched a high of $12,933.5/mt, then the price center moved downward. After hitting a low of $12,680/mt, it experienced a slight correction and finally closed at $12,796.5/mt, a decrease of 1.47%. Trading volume reached 28,000 lots, and open interest stood at 326,000 lots, a decrease of 589 lots from the previous trading day, primarily due to long liquidation. The most-traded SHFE copper contract 2603 opened at 101,020 yuan/mt overnight. It initially touched a high of 100,900 yuan/mt, then the price center moved downward, hitting a low of 99,210 yuan/mt. It finally closed at 99,930 yuan/mt, a decrease of 1.29%. Trading volume reached 123,000 lots, and open interest stood at 218,000 lots, a decrease of 1,278 lots from the previous trading day, also mainly reflecting long liquidation.
[Copper Morning Conference Minutes] News:
(1) On January 21, significant progress was made on the Gediktepe sulfide ore expansion project owned by ACG Metals in Q4 2025, with multiple key construction and equipment milestones completed as planned, maintaining good overall construction progress. During the reporting period, foundation work for the primary crushing system was completed, structural steel was installed, and major equipment including the jaw crusher, raw ore bin, and feeding system were installed. Foundation work for the SAG mill and ball mill was completed, and structural steel installation for the mill building is underway. Meanwhile, foundation work for the flotation and filtration plant was completed, and civil engineering for the tailings storage facility progressed as scheduled. The company still expects to commence copper and zinc production in mid-2026.
Spot:
(1) Shanghai: During the morning session on January 20, the SHFE copper 2602 contract first rose, then fell, and subsequently experienced a slight rebound. It opened at 101,380 yuan/mt and rose, repeatedly touching a high of 101,700 yuan/mt, then declined, probing lows of 100,700 yuan/mt twice, before rising slightly to close at 101,000 yuan/mt. The Contango spread between the front-month and the next contract ranged from 260 yuan/mt to 190 yuan/mt. The import arbitrage loss for the front-month SHFE copper contract was between 760-810 yuan/mt. Looking ahead to today, continued warrant outflows are expected to put further pressure on spot premiums/discounts. With high copper prices, downstream buyers primarily made just-in-time procurement. The spot market is expected to maintain discounts tomorrow. Additionally, snowfall occurred in some northern cities, causing delays for some cargo arrivals, but overall logistics remained smooth.
(2) Guangdong: On January 20, spot prices for #1 copper cathode in Guangdong against the front-month contract were at a discount of 220-100 yuan/mt, with an average discount of 160 yuan/mt, down 75 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 280-260 yuan/mt, with an average discount of 270 yuan/mt, down 80 yuan/mt from the previous day. The average price for #1 copper cathode in Guangdong was 100,915 yuan/mt, unchanged from the previous day. The average price for SX-EW copper was 100,805 yuan/mt, down 5 yuan/mt from the previous day. Overall, suppliers actively sold goods, leading to a significant decrease in spot premiums, and the overall trading atmosphere was moderate.
(3) Imported copper: On January 20, warrant prices were $20-32/mt, QP January, with the average price down $2/mt from the previous trading day; B/L prices were $20-30/mt, QP February, with the average price down $2/mt from the previous trading day; EQ copper (CIF B/L) was -$14/mt to $2/mt, QP February, with the average price flat from the previous trading day. Quotations referred to cargoes arriving in mid-to-late January.
(4) Secondary copper: At 11:30 on January 20, the futures closing price was 100,780 yuan/mt, down 380 yuan/mt from the previous trading day; the average spot premium/discount was -150 yuan/mt, down 30 yuan/mt from the previous trading day. Today, secondary copper raw material prices were flat MoM. Guangdong bare bright copper prices were 89,200-89,400 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 3,034 yuan/mt, down 410 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,435 yuan/mt. According to an survey, secondary copper rod enterprises currently have insufficient purchase willingness. Daily copper scrap arrivals mainly consist of previously ordered goods. After the recent copper price pullback and fluctuations, many secondary copper rod enterprises hold a bearish view on the future market, so they immediately process the copper scrap received each day into finished products.
Prices: On the macro front, the White House issued threats to Europe regarding Greenland's future, while Trump threatened to impose additional tariffs on the EU, triggering global trade and geopolitical uncertainties and boosting market risk-off sentiment. On the fundamentals side, warrants continued to flow out, and spot supply of copper cathode was relatively ample. Demand side, high copper prices led downstream buyers to adopt a cautious wait-and-see attitude, with just-in-time procurement being the main approach. Overall, weighed by macro risk-off sentiment and weak fundamental demand, copper prices were expected to continue their decline today.