Shanghai-bonded copper stocks gain 7,000 mt over holiday

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the intraday SHFE copper intermonth backwardation spread remains at a relatively high level of 570-600 yuan/mt. Coupled with persistently tight availability of cargoes in the Shanghai market, this provides strong support to spot premiums. According to SMM's market communication, mainstream quotations for standard-quality copper with next-month invoices are largely maintained at premiums of 550 yuan/mt or above, with suppliers showing limited willingness to sell at low prices and still-strong sentiment to hold prices firm. However, as spot premiums have climbed to high levels, downstream enterprises' acceptance of current quotations has weakened markedly. Some enterprises have chosen to postpone purchases and wait for premiums to pull back before restocking, while actual intraday transactions remain mainly driven by rigid demand. Meanwhile, as the market enters September, a new procurement cycle is about to start, and some downstream enterprises and traders have restocking demand, which may provide some support to the lower end of spot premiums. Overall, supported by elevated backwardation spreads and tight availability of cargoes, Shanghai spot copper quotes against the SHFE copper 2609 contract are expected to remain at high premiums tomorrow. However, the dampening effect of high premiums on downstream purchases is gradually strengthening, so room for further rapid rises in premiums may be limited and premiums are likely to consolidate at highs.

Le Chili, l’Argentine, la Bolivie et le Pérou ont signé le 28 août une déclaration commune sur les minéraux stratégiques, visant à renforcer la coopération régionale dans les ressources minérales critiques, notamment le lithium et le cuivre. Les quatre pays prévoient de promouvoir la coopération en matière de développement minier et d’investissement et de rechercher un soutien technique et financier auprès des institutions multilatérales. L’initiative vise également à encourager la collaboration entre les secteurs public et privé dans la recherche, l’innovation et le renforcement des capacités. Les quatre pays détenant collectivement d’importantes ressources mondiales de cuivre et de lithium, l’initiative vise à renforcer la position de l’Amérique du Sud dans les chaînes d’approvisionnement mondiales en minéraux de la transition énergétique et à accroître l’attractivité de la région en tant que fournisseur à long terme de minéraux critiques.