Copper Prices Rise but Demand Remains Weak, Spot Premiums Continue to Weaken [SMM North China Spot Copper]

Eurasian Resources Group (ERG) announced that Nature Energy Solutions has acquired a 39.3% stake in the company through purchases from co-founder Patokh Chodiev and the heirs of Alexander Machkevitch. ERG is a major producer of copper, cobalt, ferroalloys, iron ore, and aluminum, with significant mining assets in Kazakhstan and the Democratic Republic of Congo (DRC). Market attention remains focused on the company’s shareholder restructuring and its strategic exposure to global copper and cobalt supply chains.

SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $13,624.5/mt. In the early session, it experienced wild swings and dipped to $13,575.5/mt. Subsequently, the center of copper prices shifted upward, reaching a high of $13,678/mt, before fluctuating downward to finally close at $13,635/mt, up 0.18%. Trading volume reached 16,200 lots, and open interest stood at 269,000 lots, a decrease of 3,435 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2607 contract opened at 104,870 yuan/mt. In the early session, the center of copper prices fluctuated downward, touching a low of 104,420 yuan/mt. Subsequently, it fluctuated upward, reaching 105,280 yuan/mt, before moving sideways to finally close at 105,090 yuan/mt, up 0.58%. Trading volume reached 33,600 lots, and open interest stood at 172,000 lots, an increase of 627 lots from the previous trading day, indicating bulls adding positions.