계약 롤오버를 앞두고 관망세가 확대되고 시장 거래는 여전히 부진 [SMM 북중국 현물 구리]

[SMM Shanghai Spot Copper] Looking ahead to next week, next Monday will be the last trading day for the SHFE copper 2608 contract, and the backwardation spread between the 2608 and 2609 contracts remains at a high level of 590-700 yuan/mt. Under SMM methodology, SMM always quotes against the front-month contract, and spot prices against the 2608 contract are still expected to show relatively deep discounts on Monday. As the pricing basis switches to the 2609 contract on Tuesday, spot premiums and discounts will show a notable apparent recovery. Delivery side, as of the morning close, open interest in the SHFE copper 2608 contract was still about 9,480 lots; as of August 13, SHFE registered copper warrants stood at 27,200 mt. Some suppliers continued to register eligible material as warrants, and material will remain partly split between the spot and warrant sides. Demand side, some downstream enterprises have seen a recovery in operating rates, and end-user clients mostly price against the 2609 contract; their acceptable copper price center has moved up from previous levels, and their bids are mostly concentrated near 107,000 yuan/mt. However, this price level is still some distance away from current futures prices, and actual demand release is expected to remain largely need-based. Overall, Shanghai spot copper prices against the SHFE copper 2608 contract next Monday are expected to remain at deep discounts, and spot prices against the 2609 contract will rebound noticeably after the contract rollover; downstream trading and the flow of deliverable material still need to be monitored going forward.

Rio2 Limited의 페루 콘데스타블 광산은 2026년 2분기에 70만 톤 이상의 광석을 처리하여 정광에 함유된 구리 930만 lb, 금 4,451온스, 은 74,374온스를 생산했다. 평균 광석 품위는 구리 0.66%, 금 0.24g/t, 은 3.88g/t였다. 구리 품위는 일부 채굴 구역에서 내부 희석이 증가하여 특히 6월에 계획을 하회했고, 구리 회수율은 산화 기저 부근의 산화물 함량 증가로 예상치를 소폭 밑돌았다. 콘데스타블은 2026년 2월~12월 지급 기준 구리 환산 생산 가이던스를 21,500~23,500톤으로 유지했다. Rio2는 또한 광석 선별 시험, 광미 여과 플랜트, 처리 능력을 하루 1만 톤으로 확장하기 위한 예비 평가를 진행 중이며, 파일럿 광석 선별 장비는 2026년 11월 이전에 도착할 예정이다. 현재 매장량과 자원량은 약 14년의 광산 수명을 뒷받침한다.