LME Approves Adani Copper Brand for Delivery

The Canadian government confirmed C$500 million in support for Newmont’s Red Chris Block Cave expansion in British Columbia. The project is expected to increase Canada’s annual copper output by more than 15% and reduce greenhouse gas emissions by over 70% once operational. Recent regulatory approvals pave the way for the mine’s transition from open pit to underground block cave mining.

KGHM launched its “Strategy 2055+” plan, committing more than 32 billion zlotys, or about US$8.55 billion, in investment through 2030. The company targets average annual paid copper output of 730,000 tonnes between 2026 and 2030 and plans to build a new Polish mine called “KGHM 2.0.”

[SMM Analysis] SHFE copper cathode spot premiums experienced notable volatility in H1 2026, marked by deep discounts in phases, a recovery in Q2, and a return to positive territory by mid-year. In Q1, seasonal inventory buildup after the Chinese New Year, slow downstream recovery, and disruptions from contract rollovers repeatedly put spot premiums under pressure. Entering Q2, consumption improved QoQ, and concentrated smelter maintenance drove continuous destocking of domestic social inventory. In particular, the rapid decline in Guangdong inventory lifted spot premiums in South China, opened arbitrage opportunities for shipping inventory from East China to South China, and provided support to premiums in Shanghai and other regions. From May to June, although high copper prices and off-season expectations suppressed downstream purchases, the widening LME-COMEX spread diverted overseas supply to the US market, constraining the pace of imported copper replenishment in China, with low inventory levels still underpinning spot market resilience. Looking ahead to H2, SHFE copper premiums will be shaped by the interplay of inventory, consumption, imports, and supply additions. The Q3 off-season may limit the upside for premiums, but low inventories, uncertainty over import replenishment, and tight regional supply will continue to support spot premiums. In Q4, attention should be focused on the capacity ramp-up of new expansion projects such as Humon Phase 2, Chifeng Jintong Phase 2, and Shenghai Phase 2. If new supply is released smoothly, the import window opens, and consumption recovery remains weak, spot premiums may gradually come under pressure. However, if inventories stay low and import replenishment remains limited, premiums could still see intermittent strengthening opportunities.