Freeport-McMoRan Begins $7.5B Expansion of El Abra Copper Mine in Chile, Awaits Regulatory Approval

[SMM Brass Bar Bulletin] According to SMM, affected by price fluctuations, copper billet enterprises mostly adopted a strategy of restocking when prices were low on the raw material side to control procurement costs; downstream enterprises maintained a procurement pace of purchasing as needed, with relatively cautious sentiment toward picking up goods. As a major brass billet production hub in China, Ningbo saw enterprise production and shipment pace remain stable, with a moderate overall market trading atmosphere, though wait-and-see sentiment increased.

[SMM Brass Bar Flash News] Affected by tight recycled brass raw materials supply, brass billet enterprises' raw material inventory remained at a medium level of 4.4 days; finished product inventories edged up to 5.25 days due to a slowdown in downstream cargo pick-up.

As of Thursday, the average spot premiums in Shandong stood at a discount of 30 yuan/mt. Spot supply in Shandong was generally tight this week, and the spread between high and low quotes in the market was significant; the pullback in the center of copper prices drove some recovery in provincial demand, suppliers showed a strong willingness to hold prices firm, and spot prices moved closer to those in Shanghai.