Harmony Gold Forecasts 2026 Production, Earnings Surge; CSA Mine Boosts Copper Output

[SMM Analysis: Visit to Ningbo Zhenhai Copper Scrap Yard — High-Grade Copper Scrap in Short Supply, #2 Copper Semis Dominate] This week, SMM headed to major copper scrap yards in Ningbo's Zhenhai district for a visit. Since the beginning of this year, due to the implementation of "reverse invoicing" in the copper scrap industry, many scrap utilization enterprises were unable to carry out large-scale "reverse invoicing" and had to increase their procurement volume of imported copper scrap. Based on the visit, inventory of copper scrap at major yards was not ample. As demand for copper scrap outside China continued to grow, yard managers also indicated that imports of copper scrap were expected to decline in the future...

According to SMM's observations, since July, copper cathode prices have risen from 103,000 yuan/mt to 108,600 yuan/mt, an increase of over 6,400 yuan/mt, but the price of domestic bare bright copper wire (excluding tax) only rose from 90,000 yuan/mt to 91,700 yuan/mt, an increase of less than 1,800 yuan/mt

According to US media Axios quoting three US officials on the 22nd, on the evening of the 21st, about 40 oil tankers passed through the southern channel of the Strait of Hormuz, shipping out about 16 million barrels of crude oil.