On July 14 (Monday), copper prices have risen by 12% since last Tuesday. Meanwhile, copper inventories have decreased by 1.5% over the same period. What exactly is happening?

Futures market: Overnight LME copper opened at $9,609/mt, dipped to $9,575/mt in early trading, then fluctuated upward and peaked at $9,649/mt near the close, finally settling at $9,643.5/mt with a 0.2% loss.

[SMM Zinc Morning Comment] Overnight, LME zinc opened at $2,748/mt, then reached a high of $2,746/mt. Subsequently, LME zinc declined slightly and consolidated around the daily average line. During European trading hours, LME zinc plunged below the daily average line, fluctuating rangebound around a center of $2,720/mt. It dipped to a low of $2,711/mt during this period. Towards the end of the session, LME zinc rallied to recover some of its losses, closing at $2,732.5/mt, down $5.5/mt or 0.20%. Trading volume increased to 112,000 lots, while open interest rose by 1,614 lots to 194,000 lots...

On July 11 (Friday), Chile's Codelco announced a 9% year-on-year increase in copper production for the first half of the year (H1), indicating that the world's largest copper supplier is on the path to recovery.

Factorial Energy has achieved a significant breakthrough in the development of large-scale solid-state battery cells using FEST (Factorial Electrolyte System Technology). These battery cells have an energy density of 375Wh/kg, can charge from 15% to 90% in just 18 minutes, and operate steadily within a temperature range of -30°C to 45°C.

[SMM Rebar Daily Review: Weak Fundamentals Cap Spot Price Rally, How Long Can Sentiment-Driven Gains Last?] Futures market fluctuated today, with a slight uptick in the afternoon session, closing at 3,138, up 0.16% from the previous trading day. Spot side, most markets held steady quotes, while isolated markets saw discreet price cuts for shipments, with overall price movements remaining relatively small. WoW, purchases moderated slightly, as rigid demand was average.

[SMM Analysis]The off-season, coupled with cost pressure, will lead to a decline in the operating rate of secondary aluminum producers in July