SMM Survey Of Wire And Cable Industry Last Week

[SMM SHFE Copper Flash] As copper prices fell and the price spread between SHFE copper futures contracts for different delivery months narrowed, suppliers showed a clear willingness to hold prices firm, and the center of spot premiums moved higher intraday compared with yesterday.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,843/mt, fluctuated downward in early trading to a low of $12,722/mt, then rose in a stepwise manner and climbed to $12,987/mt near the close, finally settling at $12,964.5/mt, down 0.92%. Trading volume reached 40,500 lots, and open interest reached 307,000 lots, down 4,847 lots from the previous trading day, mainly due to long position reductions. Overnight, the most-traded SHFE copper 2704 contract opened at 100,530 yuan/mt, then fluctuated downward to a low of 100,200 yuan/mt. Subsequently, the center of copper prices gradually moved higher and hit a high of 101,530 yuan/mt near the close, finally settling at 101,330 yuan/mt, down 1.05%. Trading volume reached 92,000 lots, and open interest reached 194,000 lots, down 3,792 lots from the previous trading day, mainly due to long position reductions.

Zambia’s Minister of Infrastructure said the main corridor for the DRC’s exports of copper, cobalt, and other minerals was expected to reopen after transport was disrupted by road damage.The DRC is Africa’s largest copper producer and the world’s second-largest copper producer by production. The DRC is also the world’s leading supplier of cobalt, with cobalt production accounting for more than 70% of global production, and most cobalt is exported together with other critical battery minerals.Kasumbalesa is the busiest transit point for the DRC’s metal cargo (mainly bound for China and the US). On Sunday, traffic at the crossing was suspended after heavy rains washed away parts of the road.So far, no mining company has reported that shipments of copper or cobalt have been impeded.