SMM Price Outlook for Base Metals on SHFE (Jun. 21, 2017)

[SMM Shanghai Spot Copper] According to SMM, with copper prices recently rising to high levels, some end-users, concerned that prices may continue to climb, made small restocking purchases when futures pulled back, but overall procurement remained primarily just-in-time, with a strong wait-and-see sentiment in the market. By industry, orders at wire and cable enterprises were relatively weak; aside from previously awarded projects that still need to be delivered in stages, some enterprises showed reduced willingness to take on new orders. Orders at copper foil enterprises were relatively stable, with limited impact from rising copper prices. Overall, the dampening effect of high copper prices on end-use consumption is gradually emerging, and spot demand is expected to remain weak in the short term.

Chile’s state-owned Codelco reported H1FY2026 molybdenum production of 6,500 tonnes, down 14.5% from 7,600 tonnes in the same period of 2025. Molybdenum sales totaled 7,600 tonnes, down 5% from 8,000 tonnes a year earlier. The decline in production indicates a notable YoY contraction in Codelco’s by-product molybdenum supply.