CoreX Holding Acquires BHP's Carajás Copper Mine in Brazil for $465M, Rebrands as CoreX Copper Brazil

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,445/mt, drifted higher in early trading to touch a high of $13,571/mt, then slightly fell to $13,474/mt before closing at $13,479/mt, down 0.04%. Trading volume was 21,000 lots, and open interest stood at 247,000 lots, down 172 lots from the previous trading day, indicating a reduction in long positions. Overnight, the most-traded SHFE copper 2608 contract opened at 103,910 yuan/mt, initially rose slightly to 104,290 yuan/mt, then drifted lower to touch a low of 103,610 yuan/mt before closing at 103,700 yuan/mt, up 0.58%. Trading volume reached 36,000 lots, and open interest was 143,000 lots, up 768 lots from the previous trading day, indicating an increase in long positions.

[SMM Imported Copper Market]LME data showed that on July 10, copper inventories were 305,200 mt, down 1,300 mt from the previous period, with cancelled warrants at 130,525 mt, up 25,725 mt, representing a ratio of cancelled warrants of 42.77%. Affected by the siphoning effect of North American copper, coupled with slightly impaired output from African smelters due to rising production costs, available imported copper supply in the market tightened periodically during July–August. Meanwhile, maintenance at domestic smelters had not fully concluded, social inventories continued destocking, and the import arbitrage window opened periodically. Supported by the above factors, premium quotations for B/L on arrival at Chinese ports continued to climb to triple digits from late July to early August. According to SMM survey, some warrants had already been cancelled from LME and shipped to the Chinese market.

[Tongling Nonferrous Metals: Expects H1 net profit up 84.13%-118.87% YoY] Tongling Nonferrous Metals announced that it expects H1 2026 net profit to be 2.65 billion to 3.15 billion yuan, up 84.13%-118.87% YoY. The company's net profit attributable to shareholders of the listed company in this reporting period increased significantly compared with the previous period, mainly due to: During the reporting period, prices of major products such as copper cathode and sulphuric acid rose significantly YoY, copper foil processing fees maintained a continuous rise, and the company seized market opportunities, further strengthened internal management, reduced costs and increased efficiency, and enhanced profitability.