[SMM data] the price difference between the fine waste price of bright copper wire on July 1, 2020

Japanese copper smelters are cutting back concentrate processing due to falling treatment charges and rising global competition. Companies are shifting toward recycling-based operations, keeping scrap-derived refining lines while scaling down traditional smelting, highlighting the growing importance of recycled copper.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,223/mt. In early trading, it saw wide swings and climbed to $12,278/mt. Subsequently, the center of copper prices moved straight downward to a low of $12,153.5/mt, before fluctuating widely again and finally closing at $12,195/mt, up 0.44. Trading volume reached 15,300 lots, and open interest stood at 295,000 lots, down 454 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 96,100 yuan/mt and hit a high of 96,240 yuan/mt in early trading. Subsequently, the center of copper prices gradually moved lower to 95,210 yuan/mt, before fluctuating rangebound and finally closing at 95,350 yuan/mt, down 0.05. Trading volume reached 36,500 lots, and open interest stood at 183,000 lots, down 2,394 lots from the previous trading day, mainly due to bulls reducing positions.

A newly built copper processing plant at the Almalyk Mining and Metallurgical Complex in Uzbekistan has been officially inaugurated and put into operation, with an annual ore processing capacity of 60 million tons.