LME Will Reduce Daily Limit of Aluminium and Copper to 12% from July 24

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, in terms of regional structure, available supply in Changzhou has become significantly looser than before, with the previous tightness effectively alleviated, weakening the support for local spot premiums. From the perspective of supplier behavior, as the month-end cash collection period approaches, sentiment to offload cargo remains high, and suppliers have a strong willingness to continuously lower offer prices. During the day, discounts for some brands have widened to around 100 yuan/mt, and this trend is expected to continue tomorrow. On the demand side, following the decline in copper prices, some copper semis processing enterprises reported an increase in order volume; according to SMM, some end-user transactions were concentrated in the 102,500–103,000 yuan/mt range, indicating that current price levels are moderately attractive to downstream, with dip-buying willingness improving. However, due to aggressive price cuts by suppliers, downstream buyers still mainly push for lower prices in procurement, with limited willingness to chase higher prices. The import loss narrowed sharply to 80–30 yuan/mt, approaching the import breakeven point. Going forward, it is necessary to monitor the inflow of ex-China supplies. Overall, under the combined effect of selling pressure and downstream dip-buying, spot prices against the SHFE copper 2607 contract are expected to remain at a discount, or to widen slightly, tomorrow.

La société d'exploration australienne Manhattan Gold Corporation Ltd. a annoncé mardi le lancement du premier programme de forage depuis plus de 30 ans sur son projet Hook Lake de 423 kilomètres carrés au Nunavut, au Canada. Situé dans la ceinture de roches vertes de Rankin-Ennadai, le projet recèle à la fois des systèmes aurifères orogéniques à haute teneur et une minéralisation de sulfures massifs volcanogènes (SMV) de cuivre-zinc-or-argent. Cette année, Manhattan prévoit de réaliser 4 000 mètres de forage à circulation inverse. Bien que principalement axé sur les cibles aurifères, le programme effectuera des tests préliminaires sur des cibles polymétalliques, notamment Spectre, où des forages historiques en 1974 ont recoupé des lentilles de sulfures massifs de cuivre-zinc-or-argent. De plus, la société mettra en œuvre un vaste programme d’échantillonnage de till et des levés magnétiques aéroportés pour évaluer systématiquement la minéralisation en zinc et autres métaux polymétalliques sous une couverture glaciaire peu épaisse sur l’ensemble de la tendance.

Today, in North China, spot #1 copper cathode prices against the front-month contract were quoted at an average discount of 260-160 yuan/mt, with the average discount at 210 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 102,990 yuan/mt, down 990 yuan/mt from the previous trading day.