US Republicans and White House Negotiators Are Close To Reaching An Agreement On Raising The Debt Ceiling And Limiting Federal Spending For Two Years

SMM Morning Meeting Summary: LME copper: opened at $14,478/mt, hit a high of $14,481/mt, a low of $14,396/mt, and closed at $14,478/mt, down 1.05%. Trading volume was 19,000 lots, with open interest at 260,000 lots, down 2,650 lots from the previous trading day, reflecting long liquidation. The most-traded SHFE copper 2611 contract: opened at 109,260 yuan/mt, hit a high of 109,370 yuan/mt, a low of 108,970 yuan/mt, and closed at 109,260 yuan/mt, down 0.16%. Trading volume was 31,000 lots, with open interest at 184,000 lots, down 1,545 lots from the previous trading day, reflecting long liquidation.

Eldorado Gold announced on September 28 that its Skouries copper-gold mine in northern Greece has successfully completed permanent grid energization, following final inspection, testing and approval by the Greek transmission authority. The permanent connection replaces temporary on-site power used during early commissioning and provides the long-term electricity infrastructure required for continued plant ramp-up. Eldorado continues to target commercial production in Q4 2026. GlobeNewswire Skouries produced its first copper-gold concentrate on September 8, with crushing, grinding, flotation and concentrate/tailings thickening systems already operating. With permanent power now secured, attention shifts to increasing processing rates and achieving steady-state operations. The mine has an initial life of approximately 20 years and is expected to produce an average 67 million lb of copper annually, equivalent to about 30,400 tonnes, alongside 140,000 oz of gold over its mine life. The project represents one of Europe’s more significant new sources of copper supply, making its Q4 commercial-production milestone and subsequent ramp-up worth monitoring.