[Codelco Reaches Preliminary Wage Agreement With Chuquicamata Copper Mine Workers] According to MINGING.COM, citing Reuters: A union leader told Reuters last Friday that Codelco and workers at its Chuquicamata mine have reached a preliminary wage agreement.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Dec 23, 2024

[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, December 23, SMM copper inventories in major regions across China increased by 700 mt from last Thursday to 99,400 mt. However, the total inventory was 49,000 mt higher YoY from 50,400 mt. Among them, inventories in Shanghai were 41,700 mt higher YoY, those in Guangdong were 5,600 mt lower YoY, and those in Jiangsu were 13,500 mt higher YoY.

[SMM Analysis: Strong Export Momentum, Copper Enamelled Wire Exports Hit Annual High in November] According to data from the General Administration of Customs, China exported a total of 10,450.67 mt of copper enamelled wire in November, up 8.82% YoY and up 7.49% MoM. As of now, China has cumulatively exported 105,984.69 mt of copper enamelled wire from January to November, up 27.56% YoY. (HS code 85441100)

From January-November 2024, China's imported copper cathode totaled 3.368 million mt, up 5.29% YoY.

Recently, the market has seen a continuous decline in inventories, yet the SHFE copper structure remains in a contango state and has not shifted to backwardation.

Macro side, last week, the US Fed lowered the federal funds target rate by 25 basis points as expected.

Last Friday night, LME copper opened at $8,892.5/mt.