[SMM Analysis: When It Rains, It Pours - Global Copper Concentrates Supply-Demand Balance After the Earthquake at KK Mine] At the end of May, Chinese smelters and Antofagasta commenced mid-year negotiations. In the first round of negotiations this year, miners had already offered a midpoint price of -US$15 to the smelters. This figure was significantly lower than the US$0/dmt that had circulated in the market in late April. According to SMM, many raw material procurement teams from leading smelters in the CSPT group indicated that the negotiations were fraught with difficulties, and it was exceptionally challenging to secure a favorable figure.

[SMM Spot Copper] Looking ahead to next week, Monday will be the last trading day for the SHFE copper 2506 contract, and the price spread between futures contracts is expected to fluctuate frequently. Suppliers will actively quote prices for the following month, with premiums expected to start at 100-150 yuan/mt against the SHFE copper 2507 contract.

[SMM Analysis: Rebounding Copper Prices Boost Downstream Restocking Sentiment, but Losses Widen for Secondary Copper Rod Enterprises, Dampening Production Willingness] According to SMM survey data, the operating rate of secondary copper rod was 29.03% this week, down 3.05 percentage points WoW and 18.42 percentage points YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod was 1,328 yuan/mt this week, widening by 243 yuan/mt MoM. In addition, the average discount of secondary copper rod in Jiangxi against copper futures was 734 yuan/mt, widening by 306 yuan/mt MoM...