Data: SHFE, DCE market movement (July 25)

DLP Resources has received all permits required to begin the first-ever drilling program at its Esperanza copper-gold-molybdenum project in southern Peru, with drilling scheduled to start on September 18. The initial program will include three approximately 800-metre holes targeting a deep porphyry system beneath a 5.0 × 2.5 km magnetic anomaly. Esperanza lies about 35 km southwest of Freeport-McMoRan's Cerro Verde mine within Peru's major southern copper belt.

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,499/mt, hit a high of $14,505/mt right after the open, then copper prices trended downward throughout the session, hitting a low of $14,147/mt near the end of trading, and finally settled at $14,182.5/mt, down 4.25%. Trading volume reached 44,000 lots, and open interest stood at 273,000 lots, an increase of 1,345 lots from the previous trading day, reflecting increased positions by bears. Overnight, the most-traded SHFE copper 2610 contract opened at 108,500 yuan/mt, hit a high of 109,090 yuan/mt in early trading, then copper prices trended downward throughout the session, hitting a low of 108,350 yuan/mt near the end of trading, and finally settled at 108,360 yuan/mt, down 3.02%. Trading volume reached 127,000 lots, and open interest stood at 205,000 lots, a decrease of 29,600 lots from the previous trading day, reflecting reduced positions by bulls.