The Federal Reserve is in a hurry to shrink its watch, but it is not urgent for monetary policy to return to economic data.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,256.5/mt, dipped to $13,240/mt early in the session, then drifted higher to touch a high of $13,398/mt before its price center gradually shifted lower to eventually close at $13,285.5/mt, down 0.34%. Trading volume reached 14,800 lots, and open interest stood at 250,000 lots, an increase of 8,743 lots from the previous trading day, indicating bears added positions. Overnight, the most-traded SHFE copper 2608 contract opened at 102,470 yuan/mt, drifted higher early on to test 102,960 yuan/mt, then its price center shifted lower and it moved sideways, hitting a low of 102,280 yuan/mt near the end of the session before ultimately closing at 102,410 yuan/mt, up 0.12%. Trading volume reached 34,800 lots, and open interest stood at 152,000 lots, a decrease of 3,155 lots from the previous trading day, reflecting a reduction in bearish positions.

Copper Fox Metals melaporkan hasil metalurgi yang positif dari proyek tembaga-molibdenum-emas-perak Schaft Creek. Uji siklus terkunci menunjukkan peningkatan perolehan molibdenum dan emas pada ukuran penggilingan yang lebih kasar, berpotensi mendukung biaya penggilingan yang lebih rendah. Proyek ini dioperasikan oleh Teck, yang memegang 75% saham, sementara Copper Fox memiliki 25%.

Faraday Copper telah menandatangani perjanjian definitif untuk mengakuisisi aset San Manuel milik BHP di Arizona, yang bersebelahan dengan proyek Copper Creek miliknya. Setelah transaksi rampung, BHP diperkirakan akan menerima sekitar 30% kepemilikan saham terdilusi penuh di Faraday, menjadikannya pemegang saham strategis. Gabungan aset ini berpotensi membentuk salah satu distrik tembaga belum tergarap terbesar di Amerika Serikat.