First Quantum Plans $5.25B Investment in Argentina Copper Project

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 15 May , 2026

[SMM Shanghai Spot Copper] Looking ahead to next week, intraday SHFE copper prices declined, and downstream orders saw a slight increase in volume. However, the current copper prices remain less attractive to end-users, with the volume increase being insignificant as the high-price suppression effect persists. According to SMM, end-user enterprises mostly placed orders around 102,000-103,000 yuan/mt. Some downstream enterprises have opted to shut down furnaces for maintenance due to high copper prices, reflecting the notable suppression of actual demand at current price levels. After the contract rollover, the market will officially price around the 2606 contract, and close attention should be paid to the outflow of unmatched warrants. However, the current open interest of the SHFE copper 2605 contract stands at only 4,775 lots, with limited participation in delivery, so the concentrated release of warrants is expected to have relatively limited further pressure on spot discounts. Supported by delivery logic, Shanghai spot copper discounts did not see a significant decline. However, if copper prices remain at current highs, the demand side will struggle to improve effectively, and spot discounts may come under pressure. Overall, Shanghai spot copper prices against the 2606 contract are expected to remain at a discount next week.