SHFE/LME Price Ratio Weakens and Seller Offers Remain Firm, Market Continues Supply-Demand Weakness [SMM Yangshan Spot Copper]

Glencore has announced plans to pursue a secondary listing on the Australian Securities Exchange (ASX), a move aimed at expanding its access to one of the world's largest pools of mining-focused institutional capital while strengthening support for its long-term copper growth strategy. According to the company, the listing is intended to broaden its shareholder base, improve trading liquidity and enhance its presence in one of its key operating regions. The announcement comes as Glencore continues to target significant growth in its copper business. The company expects copper production to reach 810,000–870,000 tonnes in 2026 and has outlined an ambition to increase annual output to approximately 1.6 million tonnes by 2035 through a combination of organic project development and strategic investments. Glencore also reported US$4 billion in net capital expenditure during the first half of the year, with continued investment across its copper portfolio to support future expansion. While the proposed Australian listing will not involve new share issuance or capital raising, industry analysts believe it could improve Glencore's access to Australia's deep pool of mining investors and provide greater strategic flexibility for future mergers and acquisitions. The planned ASX listing reflects the growing importance of copper in global mining investment strategies. As demand for copper continues to be driven by electrification, renewable energy and digital infrastructure, enhanced access to long-term institutional capital could strengthen Glencore's ability to advance new projects, expand production capacity and pursue strategic acquisitions in the global copper sector.

Due to tight supply of tax-included copper scrap, secondary anode plate supply was restricted. SMM’s weekly operating rate of China's secondary anode plate producers fell by 4.02 percentage points WoW to 50.03% during the July 31-August 6 period. However, as the price difference between primary metal and scrap widened during the week, it is expected to rebound by 1.86 percentage points WoW next week to 51.89%.

[SMM Copper Anode Flash] Due to the contraction in China's secondary copper anode supply, SMM smelter copper anode days of inventories in July 2026 were 6.29 days, down 0.41 days MoM, falling to a low for the year.