[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the continued decline in copper prices has not prompted downstream buyers to immediately increase their purchases. It is expected that downstream buyers will continue to drive down prices tomorrow, and spot premiums for SHFE copper may further decrease.

Anglo American (LON: AAL) and Chile’s state-owned copper miner Codelco have sealed a landmark deal to jointly operate their neighbouring mines in central Chile, unlocking at least $5 billion in value.

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 140-100 yuan/mt, averaging a discount of 120 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 80,290 to 80,550 yuan/mt, averaging 80,420 yuan/mt, down 495 yuan/mt from the previous trading day.

Anglo American (LON: AAL) and Teck Resources’ (TSX: TECK.A, TECK.B)(NYSE: TECK) planned $53 billion merger could create the world’s largest copper mine by the early 2030s, surpassing BHP’s Escondida in Chile, according to analysts.

SMM Morning Meeting Summary: LME copper opened at $10,142/mt overnight, initially fluctuating considerably and touching a high of $10,168/mt, then the center of copper prices gradually shifted downward, approaching the end of the session and touching a low of $10,104.5/mt, finally closing at $10,117/mt, a decrease of 0.71%, with a trading volume of 17,000 lots and open interest of 292,000 lots. The most-traded SHFE copper contract 2511 opened at 81,060 yuan/mt overnight, initially the center of copper prices gradually shifted upward and touched a high of 81,230 yuan/mt, then fluctuated downward and touched a low of 80,870 yuan/mt, finally closing at 80,910 yuan/mt, a decrease of 0.22%, with trading volume reaching 22,000 lots and open interest reaching 178,000 lots.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices are expected to experience a slight pullback but remain at a high level of 80,000 yuan/mt. Downstream buying interest is weak, but warrants have not been released in large quantities. Shanghai spot copper is anticipated to remain stagnant above the parity line.

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 150-110 yuan/mt, averaging a discount of 130 yuan/mt, up 40 yuan/mt from the previous trading day. Transaction prices ranged from 80,720 to 81,110 yuan/mt, with an average of 80,915 yuan/mt, up 225 yuan/mt from the previous trading day.