US and Iran Near Agreement, Signing Expected in Geneva Next Week

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,675/mt, then its price center fluctuated downward to a low of $13,611/mt, before fluctuating upward, climbing to $13,729.5/mt near the end of the session, and eventually closed at $13,713.5/mt, up 1.02%. Trading volume reached 19,000 lots, and open interest reached 266,000 lots, an increase of 1,001 lots from the previous trading day, indicating long positions added. Last Friday night, the most-traded SHFE copper 2607 contract opened at 104,280 yuan/mt, immediately dipped to 104,250 yuan/mt after opening, then its price center fluctuated upward all the way to a high of 105,050 yuan/mt, and eventually closed at 104,980 yuan/mt, up 0.31%. Trading volume reached 25,000 lots, and open interest reached 148,000 lots, a decrease of 1,207 lots from the previous trading day, indicating short positions reduced.

Red Metals has secured $10 million in seed funding to support construction of a new copper recycling facility in Charleston, South Carolina. The project is expected to cost around $70 million and enter operation later this year. The company aims to streamline copper refining and manufacturing while reducing energy use and processing time.

In May 2026, the operating rate of secondary copper rod was 14.7%, higher than expectations of 12.17%, up 1.91 percentage points MoM and down 15.22 percentage points YoY. During May, China's secondary copper rod market as a whole remained caught in a combination of high copper prices, sharp fluctuations, and regulatory compliance pressure. The month was marked not by a one-sided shortage or surplus, but by a more intractable structural stalemate