SMM visits China people's holding Group to promote in-depth exchanges and cooperation

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, in terms of regional structure, available supply in Changzhou has become significantly looser than before, with the previous tightness effectively alleviated, weakening the support for local spot premiums. From the perspective of supplier behavior, as the month-end cash collection period approaches, sentiment to offload cargo remains high, and suppliers have a strong willingness to continuously lower offer prices. During the day, discounts for some brands have widened to around 100 yuan/mt, and this trend is expected to continue tomorrow. On the demand side, following the decline in copper prices, some copper semis processing enterprises reported an increase in order volume; according to SMM, some end-user transactions were concentrated in the 102,500–103,000 yuan/mt range, indicating that current price levels are moderately attractive to downstream, with dip-buying willingness improving. However, due to aggressive price cuts by suppliers, downstream buyers still mainly push for lower prices in procurement, with limited willingness to chase higher prices. The import loss narrowed sharply to 80–30 yuan/mt, approaching the import breakeven point. Going forward, it is necessary to monitor the inflow of ex-China supplies. Overall, under the combined effect of selling pressure and downstream dip-buying, spot prices against the SHFE copper 2607 contract are expected to remain at a discount, or to widen slightly, tomorrow.

Perusahaan eksplorasi Australia Manhattan Gold Corporation Ltd. mengumumkan pada Selasa dimulainya program pengeboran pertama dalam lebih dari 30 tahun di proyek Hook Lake seluas 423 kilometer persegi di Nunavut, Kanada. Terletak di dalam sabuk batu hijau Rankin-Ennadai, proyek ini memiliki sistem emas orogenik kadar tinggi dan mineralisasi sulfida masif vulkanogenik (VMS) tembaga-seng-emas-perak. Tahun ini, Manhattan berencana menyelesaikan pengeboran sirkulasi balik sepanjang 4.000 meter. Meskipun terutama berfokus pada target emas, program ini akan melakukan pengujian awal pada target polimetalik termasuk Spectre, di mana pengeboran historis pada tahun 1974 menemukan lensa sulfida masif tembaga-seng-emas-perak. Selain itu, perusahaan akan menerapkan program pengambilan sampel till yang ekstensif dan survei geofisika magnetik udara untuk secara sistematis mengevaluasi mineralisasi seng dan polimetalik lainnya di bawah tutupan glasial dangkal di sepanjang jalur tersebut.

Today, in North China, spot #1 copper cathode prices against the front-month contract were quoted at an average discount of 260-160 yuan/mt, with the average discount at 210 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 102,990 yuan/mt, down 990 yuan/mt from the previous trading day.