Summary of spot quotation for SMM Metals on Oct. 25

The enamelled wire industry continued the customary Chinese New Year break practice, with enterprises' holiday durations generally remaining flat or increasing YoY, averaging over 10 days. However, a small number of enterprises opted for production cuts without halting operations during the holiday due to production schedules for pending orders.

SMM Morning Meeting Minutes: LME copper opened at $12,965/mt overnight, hitting an early high of $13,000/mt before its price center declined and touched a low of $12,783/mt, then maintained a "W" pattern, ultimately closing at $12,855/mt, down 1.42%. Trading volume reached 30,000 lots, an increase of 3,970 lots from the previous session; open interest stood at 324,000 lots, a decrease of 8,112 lots from the previous session, reflecting an overall reduction in long positions. The most-traded SHFE copper 2603 contract opened at 100,430 yuan/mt overnight, touching an early low of 98,550 yuan/mt before its center fluctuated upward to a high of 101,400 yuan/mt, ultimately closing at 101,130 yuan/mt, down 1.34%. Trading volume reached 105,000 lots, a decrease of 181,000 lots from the previous session; open interest stood at 179,000 lots, a decrease of 3,493 lots from the previous session, reflecting an overall reduction in long positions.

On February 5th, Rio Tinto said it is no longer in takeover talks with Glencore after the parties failed to agree on terms that would deliver value to Rio shareholders, marking the third time such discussions have fallen apart (following failed approaches in 2014 and 2024). Glencore said the proposed structure— including Rio retaining the Chairman and CEO roles and a pro forma ownership split—significantly undervalued Glencore’s relative contribution, and therefore was not in Glencore shareholders’ interests. Following the announcement, Glencore shares fell as much as 10.8% while Rio’s London-listed shares were down around 2.6%. Reuters noted the setback echoes other stalled mega-deals in the mining sector, such as BHP’s failed bid for Anglo American.