SHFE Aluminum to Lack Rising Momentum (2016-5-16)

Today, spot #1 copper cathode in North China against the front-month contract was quoted at premiums ranging from 50 yuan/mt to 250 yuan/mt, with the average premium at 150 yuan/mt, unchanged from the previous trading day. The average transaction price was 106,870 yuan/mt, down 935 yuan/mt from the prior session;

Minsur is advancing the Sumac Wayra greenfield copper-molybdenum exploration project in Ihuarí, Huaral province, in Peru’s Lima region. According to Peru’s Ministry of Energy and Mines, the project involves an estimated investment of around $7 million and is located at elevations of 1,600–3,000 metres. Copper is the main exploration target, with molybdenum as an associated mineral. The plan includes 109 drill holes across 28 drilling platforms, along with the reuse of nine existing platforms and auxiliary facilities. Minsur had previously planned around 15,000 metres of drilling at Sumac Wayra. The project remains at an early exploration stage, with work aimed at defining the characteristics and scale of potential mineralisation. It has no direct near-term impact on copper supply.