USGS Rejects Copper as Critical Mineral despite Huge Shortage and Biggest Producers Push, Citing Misleading Arguments

[SMM Shanghai Spot Copper] Looking ahead to next week, inventory has been continuously destocking recently, with social inventory in Shanghai and Jiangsu regions showing a significant weekly decline. The supply tightness persists, providing strong support for spot premiums. Supplier side, after low-priced cargoes were quickly digested during the day, suppliers have been holding prices firmly. High-quality copper, due to scarce supply, maintained premiums at elevated levels of 100-130 yuan/mt. Some market participants reported difficulties in purchasing, and the overall tightness in available spot cargoes remains unchanged. Demand side, the early-month purchasing cycle continues, and downstream rigid demand is still being released. However, after copper prices rose, purchasing sentiment pulled back slightly, and willingness to chase higher prices has weakened. Overall, amid the tug-of-war between inventory destocking, suppliers holding prices firm, and high prices suppressing demand, it is expected that next week, Shanghai spot copper prices against the SHFE copper 2607 contract will remain at a premium, and the overall strong trend will persist.