Growing Copper Supply in Guangdong Reverse Premiums into Discounts, SMM Reports 

Poland's copper and silver producer KGHM adopted a new strategy on Friday, committing to invest more than 32 billion zloty ($8.55 billion) by 2030 while setting new production and profit targets.The plan, called "Strategy 2055+", targets payable copper production of 730,000 mt and silver production of 1,290 mt from 2026 to 2030.The company's chief executive officer, Remigiusz Paszkiewicz, said, "After 2035, we hope KGHM becomes a modern, multi-raw-material industrial group."He added that the company plans to build a new mine called "KGHM2.0" in Poland.

An internal company document shows that Chilean copper miner Antofagasta plans to submit an environmental application in Q4 this year to expand exploration activities at its Encierro and Volcanes projects.The move marks an important step forward for two of Antofagasta’s long-term copper growth options. Currently, major global miners are racing to replenish their copper project pipelines, while in Chile, the top copper-producing country, they face challenges including permitting processes, water restrictions, and aging deposits.

[SMM 분석: 주말 구리 가격 반등, 구리 스크랩 공급 소폭 개선] 7월 첫째 주(6월 30일~7월 3일) 구리 스크랩 시장은 역발행 세금계산서 규정 시행 2주차, 고온 비수기 돌입, 구리 가격 10만 위안 선 유지라는 세 가지 요인이 겹치며 움직였다. 6월부터 이어진 전반적인 수급 약세가 지속됐다. 거래량 기준 최대 SHFE 구리 선물 계약은 102,020~103,070위안/톤 범위에서 횡보하며 심리적 마지노선인 10만 위안/톤을 돌파하지 못했고, 실수요자들의 관망 심리도 여전했다.