OZ Minerals to Build New Copper Mine at Cost of $700 million

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the SHFE copper 2609 contract will enter its last trading day. During the day, some suppliers have already attempted to quote against the October contract, offering standard-quality copper at a premium of about 700 yuan/mt. As of September 14, SMM social inventory of copper cathode in major domestic regions stood at 90,300 mt, up 5,200 mt WoW from Monday and up 2,800 mt from last Thursday, but down 63,900 mt YoY. In Shanghai, copper prices pulled back notably last Friday. Although downstream buyers actively fixed prices, cargo pick-up was not fully realized. Combined with small arrivals of imported and domestic cargoes, inventory saw some buildup. In Jiangsu, consumption improved on the copper price correction, leading to slight destocking. Tomorrow, suppliers are expected to quote high premiums against the October contract. However, since SMM consistently quotes against the front-month contract, after adjusting for the price spread between futures contracts, quotes are expected to show a slight discount, which will be corrected on the following day.

En el norte de China hoy, el cátodo de cobre spot n.º 1 frente al contrato del mes próximo se cotizó con un descuento de 200-120 yuanes/tm, con un descuento promedio de 160 yuanes/tm, 70 yuanes/tm menos que el día de negociación anterior. El precio promedio de transacción fue de 108.745 yuanes/tm, 3.155 yuanes/tm menos que el día de negociación anterior.