Data: SHFE, DCE market movement (Sep 18)

[SMM Shanghai Copper Flash] In early morning trading, the SHFE copper 2602 contract directly fell below the 100,000 mark to around 98,000 yuan/mt, repeatedly testing below 98,000 yuan/mt during the session, with the low touching 97,720 yuan/mt, before showing signs of stabilizing. In the spot market, some spot cargoes were offered and snapped up immediately, while some suppliers faced tight availability of circulating spot copper and could only sell futures warrants. Currently, standard-quality copper is offered at a discount of over 30 yuan/mt, and non-registered spot cargoes have already traded at discounts exceeding 200 yuan/mt.

The largest union at Capstone Copper's Mantoverde copper and gold mine in Chile has approved a new three-year labor contract, ending the strike that began on January 2 and paving the way for normal production to resume.

In 2026, the duration of the Chinese New Year break for copper plate/sheet and strip enterprises is characterized by "mostly remaining flat, with some increases." The number of break days varies significantly among enterprises, ranging from a minimum of 3 days to a maximum of 26 days, with notable differences based on scale. Large enterprises generally adhere to the statutory holiday, with break durations similar to previous years, while small and medium-sized enterprises commonly extend their breaks, with significantly longer holiday periods than large enterprises.