Daily Updates on SHFE Base Metals and Stainless Steel Warrants (July 24), with Broad-based Decline

Since March 4, 2026, secondary copper rod has shifted to a premium of 200-400 yuan/mt against the most-traded futures contract. Meanwhile, the price difference between copper cathode rod and secondary copper rod narrowed sharply from around 1,200 yuan/mt to about 300 yuan/mt

Following a worker fatality on March 12, Rio Tinto suspended operations at its Kennecott copper mine in Utah, US. In a statement posted on its official website, Rio Tinto said that all surface and underground mining operations at Kennecott (also known as Bingham Canyon Mine) had been suspended. Chief Executive Officer Simon Trott said the company was working closely with the relevant authorities and contractor partners to support a full and thorough investigation.

Canada-based First Quantum Minerals will sell its Çayeli mine in Turkey to Cengiz Holding for $340 million in cash as part of its portfolio optimization strategy.Cengiz Holding will acquire the underground copper-zinc mine through its subsidiary CengizInsaat.First Quantum Chief Executive Officer Tristan Pascall said, "The sale reflects the company's disciplined approach to portfolio management while focusing on its core strategic priorities."The transaction remains subject to regulatory approvals and is expected to be completed in Q2 or Q3 of this year.