Economic Data Pushes Comex Copper To 4-Week Low

As of June 30, LME nickel Open Tonnage stood at 265,044 mt, up 2,448 mt from May 29, or up 0.9% MoM, showing a mild inventory buildup overall. From the perspective of origin structure, Chinese-origin nickel inventory increased by 738 mt to 186,384 mt, and Indonesian-origin nickel increased by 894 mt to 19,338 mt, which were the main sources of the inventory increase this month; Finnish- and South African-origin nickel each increased by 354 mt. Chinese-origin nickel still accounted for approximately 70.3% of LME nickel inventory, indicating a high concentration of origin.

As of June 30, LME nickel Open Tonnage stood at 265,044 mt, up 2,448 mt from May 29, or up 0.9% MoM, showing a mild inventory buildup overall. From the perspective of origin structure, Chinese-origin nickel inventory increased by 738 mt to 186,384 mt, and Indonesian-origin nickel increased by 894 mt to 19,338 mt, which were the main sources of the inventory increase this month; Finnish- and South African-origin nickel each increased by 354 mt. Chinese-origin nickel still accounted for approximately 70.3% of LME nickel inventory, indicating a high concentration of origin.

Kementerian Energi dan Sumber Daya Mineral (ESDM) Indonesia telah resmi merilis Harga Mineral Acuan (HMA) untuk paruh kedua Juli 2026. HMA periode ini adalah sebagai berikut: harga nikel sebesar US$16.533,67/ton (turun dari US$17.593,33/ton pada paruh pertama Juli 2026), menunjukkan penurunan sebesar US$1.059,66/ton atau 6,02%. Sementara itu, harga acuan untuk mineral lainnya adalah: kobalt sebesar US$55.863,00/ton, bijih besi sebesar US$1,44/ton, dan bijih kromit sebesar US$6,37/ton. Menurut model perhitungan internal SMM, berdasarkan simulasi untuk bijih pirometalurgi (20% Fe, 1% Cr, 0,05% Co) dan bijih hidrometalurgi (45% Fe, 2% Cr, 0,10% Co), Harga Patokan Mineral (HPM) bijih nikel untuk berbagai kadar telah berubah sebagai berikut: - Ni 1,2%: US$45,25/wmt (turun US$2,15) - Ni 1,3%: US$49,44/wmt (turun US$2,42) - Ni 1,4%: US$53,60/wmt (turun US$2,97) - Ni 1,5%: US$58,23/wmt (turun US$3,27) - Ni 1,6%: US$63,06/wmt (turun US$3,58)