SHFE Market Movement (2017-11-13）

Konkola Copper Mines has restarted its Nchanga copper smelter in Zambia and cast the first copper anode following a 106-day shutdown. The outage was used for an extensive rehabilitation and refurbishment programme aimed at improving plant reliability, efficiency and long-term operating performance. The shutdown, which began in early June and was initially expected to last around 60 days, ultimately extended to 106 days, with the rehabilitation programme reportedly involving around US$40 million of investment. The restart restores an important part of Zambia's domestic concentrate-processing capacity after several major smelters underwent extended maintenance during the June–September period. KCM's broader recovery strategy targets copper production of around 300,000 t/y by 2030, supported by mi

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,236/mt, rose to an intraday high of $14,263.5/mt after the open, then consolidated and pulled back to $14,181, before rallying again in late trading to close at $14,250/mt, up 0.96%. Trading volume reached 16,000 lots, and open interest stood at 261,000 lots, down 5,780 lots from the previous trading day, reflecting bear position reductions. Overnight, the most-traded SHFE copper 2610 contract opened at 108,020 yuan/mt, hit an intraday high of 108,170 yuan/mt, then pulled back to an intraday low of 107,770 yuan/mt, and finally closed at 107,960 yuan/mt, up 0.66%. Trading volume reached 19,000 lots, and open interest stood at 163,000 lots, down 2,822 lots from the previous trading day, reflecting bear position reductions.

Gravita India is scaling up its newly established copper recycling business following the acquisition of Rashtriya Metal Industries. The segment currently has 31,200 t/y of capacity, operated at around 50% utilisation in Q1 FY2027, and generated Rs 3.76 billion in quarterly revenue. Gravita plans to lift utilisation above 60% by year-end while commissioning a new 29,400 t/y copper recycling plant in Gujarat within the next 12 months. Total copper recycling capacity is targeted to reach around 60,000 t/y over the next three years. The company is also developing direct scrap procurement yards in markets including the U.S. to secure copper and other recycled feedstocks and reduce exposure to supply disruptions in existing sourcing channels.