SMM Morning Comments (Apr 23): Shanghai base metals opened Thursday higher across the board as oil prices stabilised

Copper prices eased slightly on June 5 after recently reaching record highs, with COMEX copper trading around $6.46 per pound. Despite the pullback, prices remain more than 30% above year-ago levels. Investors are closely monitoring the U.S. copper tariff investigation and the pace of mine supply recovery. Industry expect elevated volatility to continue while supply risks remain unresolved.

Konkola Copper Mines (KCM), owned by Vedanta, has started a 60-day maintenance shutdown at its Nchanga copper smelter. The outage is expected to increase concentrate inventories and may lead to higher export volumes during the maintenance period. Industry participants see the shutdown as one reason behind Zambia’s recent extension of duty-free concentrate exports. The development could influence regional concentrate flows and treatment charge dynamics.

[Pasar Anoda Tembaga SMM] Meskipun pusat harga tembaga bergeser lebih tinggi, skrap tembaga termasuk pajak di pasar saat ini tetap relatif ketat, dan tingkat operasi produsen anoda tembaga yang menggunakan skrap tidak mengalami peningkatan. Dari 29 Mei hingga 4 Juni, tingkat operasi mingguan SMM produsen anoda tembaga Tiongkok yang menggunakan skrap turun 0,62 poin persentase secara mingguan menjadi 52,52%, dan diperkirakan akan turun 0,63 poin persentase secara mingguan menjadi 51,89% minggu depan.