SHFE Copper Warrants Up 622 mt, Backwardation Widens as Delivery Nears

Regulation 2026/2269 of the European Parliament and of the Council, published in the Official Journal of the European Union on October 9, took effect on October 10. Its first annex covers ferro-alloys under Combined Nomenclature heading 7202 and other metal oxides under heading 2825. Qualifying Armenian-origin ferromolybdenum and molybdenum oxides and hydroxides can therefore enter the European Union free of ad valorem import duty. The measure applies until October 11, 2028, subject to origin, documentation, suspension and safeguard provisions. The move from anticipated relief to effective zero-duty access strengthens the competitiveness of Armenian molybdenum products, while any increase in trade volumes remains to be confirmed.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 13 Oct , 2026

Antofagasta Minerals’ Centinela mine and the Minera Esperanza and Distrito Centinela unions are due to resume voluntary mediation at 10:00 a.m. local time on Oct. 13. The strike involves 709 workers, or about 22% of the mine’s direct workforce. The company says operations have continued and its full-year production outlook remains unchanged. Centinela’s 2026 molybdenum guidance is 3,000–3,500 tonnes of contained metal, with about 1,400 tonnes produced in H1. No molybdenum output loss or recovery-circuit impact has been disclosed; SMM is not revising its forecast pending the talks.