[brief Review of SMM Copper delivery] April PMI data show that the economy continues to recover and the main force of Shanghai copper jumps high to close to 43000 yuan / ton.

Published: Apr 30, 2020 16:05 (GMT+8)

Save

A brief Review of SMM Copper on April 30

SMM, 30 April:

Today, the main force of Shanghai copper skydiving high in the morning opened at 42780 yuan / ton, just opened more flat into the pressure on copper prices to the lowest point of 42650 yuan / ton in the day. Then copper prices quickly rebounded and kept rising, climbing all the way to 42900 yuan / ton. Copper prices fell slightly by noon to close at 42820 yuan per ton. In the afternoon, the long market opened one after another, and copper prices rose again. At this high position, many leave the field. Near the close, the bulls again rushed to a daily high of 42980 yuan / ton, closing at 42940 yuan / ton, up 370 yuan / ton, or 0.87%. The daily position of the main force of Shanghai copper decreased by 553 hands to 112000 hands, mainly by short positions, and trading volume decreased by 4653 hands to 62000 hands. The Shanghai Copper 2005 contract continued to reduce its position by 3146 hands to 41000 hands. Shanghai Copper 2007 contract day to increase positions by 3245 hands, mainly for the long increase in positions. In the morning, the National Bureau of Statistics released China's April PMI index. The official manufacturing PMI index for April was 50.8 per cent, down 1.2 percentage points from the previous value, while the composite PMI output index was 53.4 per cent, up 0.4 percentage points from the previous month. Manufacturing PMI recorded more than 50 ups and downs in April, indicating that the manufacturing sector still improved in April from March, and the market is expected to further strengthen copper demand. In addition, the Fed today reiterated its commitment to zero interest rates, which remained at 0%-0.25% in April, and said it would take all necessary measures to support the economy, boosting market confidence and providing momentum for copper prices to rise. At present, Shanghai copper closing Yang, the top touched the 60-day moving average, has made up for the previous jump gap. Today, the outer plate strongly pulled up, short fled before the festival, bulls into the market, pay attention to the guidelines of copper during the festival, test whether the copper price can stand on the 43000 yuan / ton level.

Copper copper review SMM review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Oct 02, 2026 16:31 (GMT+8)

KGHM and South32 launch US$725m Sierra Gorda expansion, lifting copper capacity 26%

KGHM and South32 have broken ground on a fourth grinding line at the Sierra Gorda copper-molybdenum mine in Chile's Atacama region. The US$725 million expansion runs for three years from January 2027, with completion by late 2029 and full output in H2 2030. Ore processing capacity rises 26%, from 131,000 tonnes per day to 165,000 tpd. Annual copper output is projected to climb from 165,000 tonnes in 2025 to 195,000 tonnes, with 6,000 tonnes of molybdenum, 58,000 ounces of gold and 1.7 million ounces of silver as by-products. The project creates over 900 direct jobs and is funded from operating cash flow and debt. Unit operating costs are expected to fall about 10%.

Oct 02, 2026 16:31 (GMT+8)

Oct 02, 2026 15:31 (GMT+8)

Emerita Extends Final Review of Iberian Belt West PFS, Release Expected in Coming Weeks

Emerita Resources has provided an update on the Preliminary Feasibility Study (PFS) for its Iberian Belt West polymetallic project in Spain, saying the study is well advanced but remains under final technical review. The company said the review process has been expanded to include additional technical and quality-assurance oversight before publication. As a result, Emerita now expects the PFS to be released in the coming weeks rather than within the previously indicated timeframe. Iberian Belt West hosts copper, zinc, lead, gold and silver mineralization and is one of Emerita’s principal development-stage assets in Spain. The PFS is expected to provide updated detail on the proposed mine plan, processing configuration, capital requirements, operating costs and project economics. Emerita said the additional review work is intended to ensure consistency and completeness across the technical disciplines contributing to the study before it is finalized. The company did not announce a revised specific publication date, and no new production, capital or economic figures were disclosed in the latest update. The extended review delays the next major technical milestone for Iberian Belt West, but the company continues to indicate that the PFS is nearing completion. For the copper market, the significance of the study will depend on the production profile and project economics ultimately disclosed, particularly the contribution of copper relative to the project’s other payable metals. Attention will therefore remain on the timing of the PFS release and whether the final study materially changes the project’s development outlook.

Oct 02, 2026 15:31 (GMT+8)

Oct 02, 2026 15:27 (GMT+8)

Cascadia Intersects 75.55 m at 1.19% Cu at Carmacks Copper-Gold Project

Cascadia Minerals has reported additional drill results from its 2026 exploration programme at the Carmacks copper-gold project in Yukon, Canada, with new step-out drilling extending mineralization at Zone 2000S beyond the boundaries of the existing Mineral Resource. Drill hole CD-26-058 returned 75.55 metres grading 1.19% copper, 0.97 g/t gold, 10.4 g/t silver and 335 ppm molybdenum, equivalent to 2.18% copper-equivalent. The interval included 48.66 metres grading 1.61% copper, 1.39 g/t gold, 15.1 g/t silver and 475 ppm molybdenum, equivalent to 3.03% CuEq. Within the same hole, a higher-grade interval of 14.50 metres returned 2.30% copper, 2.68 g/t gold, 29.5 g/t silver and 1,015 ppm molybdenum, equivalent to 5.08% CuEq. A second hole, CD-26-059, intersected 93.99 metres grading 0.96% copper, 0.70 g/t gold, 4.6 g/t silver and 919 ppm molybdenum, equivalent to 1.94% CuEq. This included 63.97 metres at 1.26% copper, 0.96 g/t gold, 6.3 g/t silver and 1,049 ppm molybdenum, equivalent to 2.52% CuEq. Cascadia said the latest results continue to expand mineralization at Zone 2000S beyond the limits of the current Mineral Resource and highlight the higher-grade nature of the extension. The reported drill intervals represent drilled thicknesses, with true widths estimated at approximately 60–70%. The latest step-out results indicate that copper-gold mineralization at Zone 2000S extends beyond the boundaries of the current Carmacks Mineral Resource. The broad intervals and higher-grade internal zones could support future resource expansion if additional drilling confirms continuity. However, the new intersections have not yet been incorporated into an updated Mineral Resource Estimate, meaning their ultimate impact on project scale and mine planning remains to be determined.

Oct 02, 2026 15:27 (GMT+8)