Monthly Copper Market Report Oct 2025

Contents
1. Market Highlights 2
2. Economy and Policy 2
2.1 Economy and Policy 2
2.1.1 Sandfire provides MRE and ORE update for Motheo Copper Operations 2
2.1.Asian Metal Copyright2 Chinese copper rod producers 5 5.Asian Metal Copyright2 China's copper cathode production increased by 10% in the first three quarters. 2
2.1.3 First Quantum Minerals reports third quarter 2025 results 2
3. Market Movements 2
3.1 Chinese Market 2
3.1.1 Copper concentrate 25%min TC CIF China 2
3.1.2 Chinese copper concentrate 20%min price delivered 2
3.1.Asian Metal Copyright1 Copper concentrate 25%min TC CIF China 2 3.Asian Metal Copyright3 Chinese copper cathode 99.99%min price delivered 2
3.1.4 Chinese copper rod Ф8mm TC EXW 3
3.1.Asian Metal Copyright2 Chinese refined copper producers' output down by 0.Asian Metal Copyright5 Chinese blister copper 98.5%min TC delivered 3
3.1.6 Chinese copper scrap wire 99%min price delivered 3
4.Company News 3
4.1 Zhangjiagang United Copper reduces copper cathode output 3
4.2 Rio Tinto releases third quarter 2025 production results 3
4.3 Bayannur Western Copper decreases copper cathode output 4
4.4 Gejiu Xuzhong Nonferrous Metals Mining reduces copper cathode output 4
4.5 Henan Zhongyuan Gold Smelting reduces copper cathode production 4
5. Producers Statistics 4
5.1 Chinese refined copper producers 4
5.1.Asian Metal Copyright1.Asian Metal Copyright1 Chinese refined copper producers' operating rate up by 2.42% MoM in Oct 4
5.1.Asian Metal Copyright3 Bayannur Western Copper decreases copper cathode output 4 4.Asian Metal Copyright2 Chinese refined copper producers' output down by 0.10% MoM in Oct 4
5.1.Asian Metal Copyright1.Asian Metal Copyright3 Chinese refined copper producers' inventory up by 2.02% MoM in Oct 5
5.2 Chinese copper rod producers 5
5.2.Asian Metal Copyright42% MoM in Oct 4 5.Asian Metal Copyright1 Chinese copper rod producers' operating rate down by 9.49% in Oct MoM 5
5.2.Asian Metal Copyright9935% import volume increased 123.Asian Metal Copyright2 Chinese copper rod producers' output down by 1.11% MoM in Oct 6
5.2.Asian Metal Copyright1.Asian Metal Copyright3 Chinese copper rod producers' inventory up by 27.47% MoM in Oct 6
6. Import Statistics 6
6.1 China's copper cathode (Cu<99.Asian Metal Copyright1.Asian Metal Copyright9935%) import volume increased 123.27% YoY in Sep 2025 6
6.2 China's copper rod import volume decreased 10.45% MoM in Sep 2025 7
7. Export Statistics 8
7.1 China's copper cathode (Cu≥99.Asian Metal Copyright4 Gejiu Xuzhong Nonferrous Metals Mining reduces copper cathode output 4 4.Asian Metal Copyright9935%) export volume grew 64.54% YoY in Sep 2025 8
7.2 China's copper rod export volume rose 175.74% YoY in Sep 2025 8




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