Copper downstream consumption rebounded seasonally in March

Ivanhoe Mines mengumumkan bahwa pengiriman pertama anoda tembaga dengan kemurnian 99,7% yang diproduksi di pabrik peleburan Kamoa-Kakula telah diangkut melalui Koridor Kereta Api Lobito ke Pelabuhan Lobito di Angola selama kuartal pertama dan selanjutnya dikirim ke Eropa untuk pemurnian. Menurut perusahaan, kargo tersebut tiba di pelabuhan Atlantik Lobito sebelum akhir kuartal dan dimuat untuk ekspor tak lama setelahnya. Pengembangan bertahap Koridor Lobito akan mendiversifikasi rute ekspor produk tembaga dari Republik Demokratik Kongo, mengurangi ketergantungan pada koridor logistik selatan tradisional, dan meningkatkan efisiensi rantai pasok regional.

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.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,874.5/mt, dipped to $13,858/mt in early trading, then the price center fluctuated upward, touching a high of $13,785/mt before staying high and moving sideways, ultimately closing at $13,904/mt, up 0.86%, with trading volume at 21,000 lots and open interest at 271,000 lots, down 1,063 lots from the previous trading day, mainly driven by bears reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 106,080 yuan/mt, touching a low of 105,950 yuan/mt right at the open, then the center shifted upward to probe 106,800 yuan/mt, ultimately moving sideways to close at 106,320 yuan/mt, up 1.11%, with trading volume at 48,000 lots and open interest at 176,000 lots, down 1,169 lots from the previous trading day, driven by bears reducing positions.