Gold Resource Reports Q1 2026 Production, Zinc Output Up 64%

This week (6/22–6/25), the secondary copper rod and copper scrap markets were locked in a deep stalemate, marked by the supply side holding prices firm and holding back from selling, the demand side waiting for further price declines and refraining from purchasing, and persistently sluggish transactions, as copper prices continued to fall and approached the psychological threshold of 100,000 yuan/mt

US durable goods orders in May once again revealed a divergence of weak headline figures but a strong core. On June 25, the US Commerce Department reported that US durable goods orders fell 4.5% MoM in May, in line with market expectations and marking the steepest drop in nearly a year—a sharp pullback from the revised 8.5% increase in April. However, excluding transportation equipment, which is subject to large fluctuations, orders rose 1.3% MoM, above the expected 0.5% and the prior 1.1%, indicating that underlying demand in manufacturing remains resilient.

Russian base metal producer Norilsk Nickel expects the global copper concentrate market to remain in undersupply in 2026, with a deficit of 751,000 mt, which will continue to put pressure on processing enterprises' profits.The company stated in its copper market outlook report released on June 23 that benchmark treatment charges (TCs) for copper concentrates under the 2026 annual contract framework have been set at $0/mt, down from $21/mt in 2025, as smelting capacity continues to compete for scarce concentrate supply.