China Vows To Increase Macro-Control Efforts, Expand Consumption And Stabilise Investment

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, in terms of regional structure, available supply in Changzhou has become significantly looser than before, with the previous tightness effectively alleviated, weakening the support for local spot premiums. From the perspective of supplier behavior, as the month-end cash collection period approaches, sentiment to offload cargo remains high, and suppliers have a strong willingness to continuously lower offer prices. During the day, discounts for some brands have widened to around 100 yuan/mt, and this trend is expected to continue tomorrow. On the demand side, following the decline in copper prices, some copper semis processing enterprises reported an increase in order volume; according to SMM, some end-user transactions were concentrated in the 102,500–103,000 yuan/mt range, indicating that current price levels are moderately attractive to downstream, with dip-buying willingness improving. However, due to aggressive price cuts by suppliers, downstream buyers still mainly push for lower prices in procurement, with limited willingness to chase higher prices. The import loss narrowed sharply to 80–30 yuan/mt, approaching the import breakeven point. Going forward, it is necessary to monitor the inflow of ex-China supplies. Overall, under the combined effect of selling pressure and downstream dip-buying, spot prices against the SHFE copper 2607 contract are expected to remain at a discount, or to widen slightly, tomorrow.

Australian explorer Manhattan Gold Corporation Ltd. announced Tuesday the commencement of the first drilling program in over 30 years at its 423-square-kilometer Hook Lake project in Nunavut, Canada. Located within the Rankin-Ennadai greenstone belt, the project hosts both high-grade orogenic gold systems and volcanogenic massive sulfide (VMS) copper-zinc-gold-silver mineralization. This year, Manhattan plans to complete 4,000 meters of reverse circulation drilling. While primarily focused on gold targets, the program will conduct preliminary testing on polymetallic targets including Spectre, where historical drilling in 1974 encountered copper-zinc-gold-silver massive sulfide lenses. Additionally, the company will implement an expansive till sampling program and airborne magnetic geophysical surveys to systematically evaluate zinc and other polymetallic mineralization beneath shallow glacial cover across the trend.