July 21 Shanghai Futures Exchange Metal inventory Daily

According to market sources, affected by the approaching typhoon, some vessels carrying imported copper originally planned to arrive in the Shanghai area have taken shelter measures, and the expected arrival time of the related cargoes may be delayed. The pace of imported copper arrivals may be disrupted in the short term.

SMM Morning Meeting Summary: LME copper opened at $14,300/mt, reached a high of $14,383/mt, a low of $14,278.5/mt, and closed at $14,370.5/mt, down 0.59%. Trading volume was 16,800 lots, with open interest at 262,000 lots, a decrease of 2,551 lots from the previous trading day, reflecting long liquidation. The most-traded SHFE copper 2611 contract opened at 109,096 yuan/mt, reached a high of 109,640 yuan/mt, a low of 109,010 yuan/mt, and closed at 109,570 yuan/mt, down 0.15%. Trading volume was 18,500 lots, with open interest at 145,000 lots, a decrease of 2,372 lots from the previous trading day, reflecting short covering.

First Quantum said on October 21 that the $1.2 billion S3 expansion project at the Kansanshi copper mine in Zambia (commissioned in August 2025) is performing well, with ore milled for the full year 2026 expected to reach approximately 27 million mt, exceeding designed capacity by 8%. The availability and grinding metrics of the new 25 million mt/year sulfide ore processing line have both exceeded targets, and the line has already processed significant volumes of low-grade sulfide ore. Once S3 reaches full production, the mine's copper production will double to approximately 277,000 mt/year. Following the suspension of Cobre Panama, Zambia contributes about 93% of the company's copper production, and the Kansanshi ramp-up is a key support for Zambia's target of 3 million mt of mined copper by 2031 (890,000 mt in 2025). The pace of production release in the African copper belt is becoming an important variable in the global copper concentrates balance for 2027.