Daily LME Base Metals Inventory Changes (July 24)

Data released by LME showed that on July 21, copper inventories stood at 284,175 mt, down 6,750 mt from the previous period, while cancelled warrants reached 177,025 mt, with the proportion rising to 62.29%. US tariffs remain unresolved, and the current LC nearby price spread has widened again to above $400/mt, while the far-end spread has widened to $700-900/mt. China's social inventory of copper cathode has fallen to a low level, and recently the CIF China spot copper cathode premium has continued to surge. The ratio of cancelled warrants in US and Asian warehouses has been rising continuously.

Barrick Mining will invest C$20.88 million (US$14.8 million) in Canadian explorer Kingfisher Metals through a non-brokered private placement, acquiring an initial 9.9% equity stake that could increase to 14.1% if all warrants are exercised. Barrick will subscribe for 15.47 million units at C$1.35 per unit, with each unit consisting of one common share and one-half warrant. At least 80% of the proceeds will be used to advance exploration and development at Kingfisher's HWY 37 copper-gold project in British Columbia's Golden Triangle, with the remaining funds allocated to working capital and general corporate purposes. Following the financing, Kingfisher expects to hold approximately C$47 million in cash to accelerate exploration at its Hank porphyry discovery and across its broader land package. Barrick said the investment is strategic and that it may adjust its ownership position depending on market conditions.

Prolonged winter rains have triggered severe flooding, mudslides and road disruptions across north-central Chile, leaving at least 10 people dead and tens of thousands isolated. President José Antonio Kast has declared a state of catastrophe in the Coquimbo Region and Huasco Province of Atacama to accelerate emergency response efforts.