Shanghai-bonded copper stocks extend decline by 7,500 mt on week

SMM Morning Meeting Minutes: Overnight, LME copper opened at $14,268/mt, touched a high of $14,270/mt shortly after opening, then consolidated and pulled back, falling to a low of $14,055/mt, before closing at $14,092.5/mt, a decline of 0.40%. Trading volume was 27,800 lots, while open interest increased to 254,000 lots, up 1,610 lots from the previous trading day, with bears adding positions. Overnight, the most-traded SHFE copper 2609 contract opened at 108,130 yuan/mt, reached a high of 108,250 yuan/mt, fell to a low of 107,310 yuan/mt, and finally closed at 108,160 yuan/mt, a gain of 0.36%. Trading volume was 100,100 lots, while open interest decreased to 214,300 lots, down 2,426 lots from the previous trading day, with bears reducing positions.

Glencore has announced plans to pursue a secondary listing on the Australian Securities Exchange (ASX), a move aimed at expanding its access to one of the world's largest pools of mining-focused institutional capital while strengthening support for its long-term copper growth strategy. According to the company, the listing is intended to broaden its shareholder base, improve trading liquidity and enhance its presence in one of its key operating regions. The announcement comes as Glencore continues to target significant growth in its copper business. The company expects copper production to reach 810,000–870,000 tonnes in 2026 and has outlined an ambition to increase annual output to approximately 1.6 million tonnes by 2035 through a combination of organic project development and strategic investments. Glencore also reported US$4 billion in net capital expenditure during the first half of the year, with continued investment across its copper portfolio to support future expansion. While the proposed Australian listing will not involve new share issuance or capital raising, industry analysts believe it could improve Glencore's access to Australia's deep pool of mining investors and provide greater strategic flexibility for future mergers and acquisitions. The planned ASX listing reflects the growing importance of copper in global mining investment strategies. As demand for copper continues to be driven by electrification, renewable energy and digital infrastructure, enhanced access to long-term institutional capital could strengthen Glencore's ability to advance new projects, expand production capacity and pursue strategic acquisitions in the global copper sector.

Due to tight supply of tax-included copper scrap, secondary anode plate supply was restricted. SMM’s weekly operating rate of China's secondary anode plate producers fell by 4.02 percentage points WoW to 50.03% during the July 31-August 6 period. However, as the price difference between primary metal and scrap widened during the week, it is expected to rebound by 1.86 percentage points WoW next week to 51.89%.