Data: SHFE, DCE market movement (Jul 27)

[SMM SHFE Copper Spot] Looking ahead to tomorrow, as delivery approaches, the SHFE copper next-month Back spread has shown signs of marginal convergence, but it remains at a relatively high level overall, and suppliers still have willingness to sell. After spot premiums pulled back rapidly to near parity during the day, some suppliers' willingness to continue selling at low prices has diminished, and sentiment to hold prices firm and hold back from selling is gradually emerging, suggesting that further downside for spot premiums may be quite limited. As of midday, open interest in the SHFE copper 2610 contract stood at approximately 20,000 lots, and SHFE warrants totaled about 9,000 mt. With delivery approaching, attention should still be paid to market fluctuation risks arising from changes in near-month open interest, warrant volumes, and the next-month spread. On the demand side, downstream processing enterprises are still mainly adopting a wait-and-see approach and making just-in-time procurement, with limited willingness to chase higher prices. Overall, if the next-month Back spread continues to converge, pressure on the spot side is expected to ease somewhat. Shanghai spot premiums are expected to stop falling and stabilize tomorrow, with a possibility of a slight rebound.

Tambang tembaga Centinela milik Antofagasta Minerals di Chile dijadwalkan melanjutkan mediasi sukarela dengan serikat pekerja Minera Esperanza dan Distrito Centinela pada pukul 10.00 waktu setempat tanggal 13 Oktober (21.00 WIB) di Antofagasta. Mogok kerja dimulai pada 7 Oktober dan melibatkan 709 pekerja, atau sekitar 22% dari tenaga kerja langsung tambang tersebut. Serikat pekerja telah memperingatkan bahwa jika mogok berlanjut hingga November, produksi tambang bulan itu bisa berkurang setengahnya. Namun, Antofagasta menyatakan prospek produksi setahun penuhnya tetap tidak berubah. Hasil mediasi akan memengaruhi durasi mogok dan produksi Centinela kuartal keempat. Gangguan tenaga kerja dan operasional memengaruhi tiga tambang tembaga utama Chile. Mogok Centinela telah memasuki minggu kedua, sementara serikat pengawas di Escondida milik BHP masih dalam mediasi yang dipimpin pemerintah. Jika perundingan gagal, aksi mogok dapat dimulai paling cepat 14 Oktober. Secara terpisah, tambang El Teniente milik Codelco telah menangguhkan sebagian operasinya setelah tanah longsor menewaskan dua pekerja.