[SMM price] the discount on the rise of copper cash in Shanghai market on July 21 (the third period)

South32 Limited reported payable molybdenum production of 0.2 thousand tonnes, or about 200 tonnes, from its 45% interest in the Sierra Gorda mine for the September 2026 quarter. Output fell 75% year on year and 50% from the preceding quarter. Payable molybdenum sales were also about 200 tonnes, down 67% year on year and 60% from the preceding quarter. In contrast, payable copper production rose 2% year on year and 17% from the preceding quarter to 18,700 tonnes. South32 cited higher planned copper grades and temporary wet-weather effects but did not explain the molybdenum decline. The figures represent South32’s 45% attributable share, not total mine output or molybdenum concentrate mass.

Antofagasta Minerals’ Centinela mine and the Minera Esperanza and Distrito Centinela unions reached new three-year collective agreements approved by their members, ending the ten-day strike that began on October 7. The two unions represent 709 employees, or 22% of the mine’s directly employed workforce. The company said operational continuity and performance were maintained throughout the stoppage. No shutdown of the molybdenum recovery circuit or loss of contained-molybdenum output has been disclosed. The settlement removes the immediate escalation risk, and there is no current basis for a retrospective molybdenum-output deduction. Centinela’s 2026 contained-molybdenum guidance remains 3,000–3,500 tonnes.

SMM Morning Meeting Summary: LME copper opened at $14,468/mt, hit a high of $14,509.5/mt, a low of $14,333/mt, and closed at $14,359.5/mt, up 0.35%. Trading volume was 18,800 lots, with open interest at 269,000 lots, down 1,283 lots from the previous trading day, reflecting bear position reduction. The most-traded SHFE copper 2611 contract opened at 110,000 yuan/mt, hit a high of 110,150 yuan/mt, a low of 109,400 yuan/mt, and closed at 109,420 yuan/mt, down 0.03%. Trading volume was 21,400 lots, with open interest at 177,000 lots, up 67 lots from the previous trading day, reflecting bear position addition.