Data: SHFE, DCE market movement (Dec 10)

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,677/mt, initially dipped to a low of $14,469/mt, then drifted higher to $14,779/mt, and finally consolidated near the high to close at $14,728/mt, up 1.61%. Trading volume reached 27,300 lots, and open interest stood at 267,000 lots, an increase of 453 lots from the previous trading day, driven by bullish positioning. Overnight, the most-traded SHFE copper 2610 contract opened at 111,170 yuan/mt, hit a session low of 110,960 yuan/mt right at the open, then rose to a high of 111,710 yuan/mt, and finally consolidated near the high to close at 111,300 yuan/mt, up 0.94%. Trading volume reached 50,000 lots, and open interest stood at 230,000 lots, an increase of 13 lots from the previous trading day, driven by bullish positioning.

KGHM Polska Miedź (KGHM) reported H1FY2026 molybdenum output at Sierra Gorda of 1.8 million lb (about 816 tonnes) on its 55% attributable basis, equivalent to roughly 1,484 tonnes on a 100% mine basis, up 6% YoY. Q2 output was 0.9 million lb (about 408 tonnes), equivalent to around 742 tonnes on a 100% basis, down 25% YoY. Higher molybdenum recovery offset lower ore grades and reduced throughput. KGHM set Sierra Gorda’s FY2026 molybdenum production budget at 2.1 million lb (about 953 tonnes) on the same 55% basis, equivalent to about 1,732 tonnes at 100%. With 1.8 million lb already produced in H1FY2026, the mine had achieved about 86% of its full-year molybdenum budget.