Copper Futures Edge Up, Reaching Near 4-Week High

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,599/mt, fluctuated upward to a high of $13,683/mt in early trading, then swung wildly downward to a low of $13,590/mt near the session’s end, eventually closing at $13,590.5/mt, up 0.54%. Trading volume reached 19,200 lots, and open interest was 271,000 lots, down 1,319 lots from the previous trading day, indicating bear position reduction. Overnight, the most-traded SHFE copper 2607 contract opened at 104,780 yuan/mt, quickly rose to 104,870 yuan/mt in early trading, then fluctuated downward to a low of 104,270 yuan/mt, later swung wildly before closing at 104,390 yuan/mt, up 0.31%. Trading volume reached 30,000 lots, and open interest was 162,000 lots, down 1,482 lots from the previous trading day, indicating bear position reduction.

Aurubis expects to complete the expansion of its Augusta, Georgia copper scrap recycling facility later in September 2026. The project is designed to increase processing capacity and support growing demand from data centers, grid infrastructure and automotive applications.

Eldorado Gold announced that its McIlvenna Bay project in Saskatchewan, Canada, has produced its first copper concentrate, marking the start of commissioning and ramp-up activities. McIlvenna Bay is one of Canada's major new polymetallic mining projects, producing copper, zinc, gold and silver. The company said commissioning activities will continue as the operation progresses toward commercial production. This project will provide an additional source of copper concentrate supply as output ramps up.