Shanghai-bonded copper stocks gain 7,000 mt over holiday

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the intraday SHFE copper intermonth backwardation spread remains at a relatively high level of 570-600 yuan/mt. Coupled with persistently tight availability of cargoes in the Shanghai market, this provides strong support to spot premiums. According to SMM's market communication, mainstream quotations for standard-quality copper with next-month invoices are largely maintained at premiums of 550 yuan/mt or above, with suppliers showing limited willingness to sell at low prices and still-strong sentiment to hold prices firm. However, as spot premiums have climbed to high levels, downstream enterprises' acceptance of current quotations has weakened markedly. Some enterprises have chosen to postpone purchases and wait for premiums to pull back before restocking, while actual intraday transactions remain mainly driven by rigid demand. Meanwhile, as the market enters September, a new procurement cycle is about to start, and some downstream enterprises and traders have restocking demand, which may provide some support to the lower end of spot premiums. Overall, supported by elevated backwardation spreads and tight availability of cargoes, Shanghai spot copper quotes against the SHFE copper 2609 contract are expected to remain at high premiums tomorrow. However, the dampening effect of high premiums on downstream purchases is gradually strengthening, so room for further rapid rises in premiums may be limited and premiums are likely to consolidate at highs.

칠레, 아르헨티나, 볼리비아, 페루는 8월 28일 전략 광물에 관한 공동 선언에 서명했다. 이들 4개국은 리튬과 구리 등 핵심 광물 자원의 지역 협력 강화를 모색하고 있다. 4개국은 광물 개발·투자 협력을 추진하고 다자 기구의 기술·재정 지원을 확보할 계획이다. 이 이니셔티브는 연구, 혁신, 역량 강화에서 공공·민간 부문 간 협력을 장려하는 것도 목표로 한다. 4개국은 전 세계 구리·리튬 자원의 상당 부분을 보유하고 있어, 이 이니셔티브는 글로벌 에너지 전환 광물 공급망에서 남미의 입지를 강화하고 핵심 광물의 장기 공급처로서 이 지역의 매력도를 높이는 데 목적이 있다.