Data of LME Metal inventory and cancellation of Warehouse receipts on September 2nd

Aqua Metals has signed a non-binding five-year LOI with a Midwest metals recycler covering up to 100% of the commercially saleable recovered copper and aluminum expected from its planned Project Headwaters battery recycling facility. Based on projected volumes and current metal prices, the contemplated copper and aluminum offtake represents more than US$105 million in potential value over five years. Headwaters is designed to process lithium-ion batteries and manufacturing scrap, including large-format LFP material, with copper and aluminum separated during preprocessing for sale into U.S. recycling markets. Together with Aqua Metals' previously announced lithium carbonate offtake framework, the latest agreement establishes potential commercial outlets for all three primary Headwaters product streams before construction. The copper and aluminum LOI remains non-binding and allows 24 months for product qualification and negotiation of a definitive agreement.

The U.S. has moved into hard enforcement of copper smelt-and-cast reporting requirements for certain imported copper wire and cable products from September 14. ACE will now reject entry summaries that fail to report the copper's primary country of smelt and country of cast, rather than issuing only a warning. The requirement applies to selected products under HTSUS 8544.42.10, 8544.42.20, 8544.42.90 and 8544.49.10. While the reporting fields have been required since July 30, today's change makes missing data a fatal filing error, increasing traceability requirements across the U.S. copper supply chain.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $14,085/mt, hit a high right after the open, then drifted lower throughout the session, touching a low of $13,958/mt before finally settling at $14,024.5/mt, down 1.42%. Trading volume reached 27,000 lots, and open interest stood at 274,000 lots, a decrease of 1,215 lots from the previous trading day, reflecting long liquidation. Overnight, the most-traded SHFE copper 2610 contract opened at 106,900 yuan/mt, hit an intraday high of 107,020 yuan/mt, then drifted lower to touch a low of 106,650 yuan/mt before finally settling at 106,920 yuan/mt, down 3.29%. Trading volume reached 50,000 lots, and open interest stood at 185,000 lots, a decrease of 3,283 lots from the previous trading day, reflecting long liquidation.