Economic Data Pushes Comex Copper To 4-Week Low

As of June 30, LME nickel Open Tonnage stood at 265,044 mt, up 2,448 mt from May 29, or up 0.9% MoM, showing a mild inventory buildup overall. From the perspective of origin structure, Chinese-origin nickel inventory increased by 738 mt to 186,384 mt, and Indonesian-origin nickel increased by 894 mt to 19,338 mt, which were the main sources of the inventory increase this month; Finnish- and South African-origin nickel each increased by 354 mt. Chinese-origin nickel still accounted for approximately 70.3% of LME nickel inventory, indicating a high concentration of origin.

As of June 30, LME nickel Open Tonnage stood at 265,044 mt, up 2,448 mt from May 29, or up 0.9% MoM, showing a mild inventory buildup overall. From the perspective of origin structure, Chinese-origin nickel inventory increased by 738 mt to 186,384 mt, and Indonesian-origin nickel increased by 894 mt to 19,338 mt, which were the main sources of the inventory increase this month; Finnish- and South African-origin nickel each increased by 354 mt. Chinese-origin nickel still accounted for approximately 70.3% of LME nickel inventory, indicating a high concentration of origin.

O Ministério de Energia e Recursos Minerais da Indonésia (ESDM) divulgou oficialmente o preço de referência mineral (HMA) para a segunda quinzena de julho de 2026. O HMA para este período é o seguinte: preço do níquel a US$ 16.533,67/tonelada (queda em relação a US$ 17.593,33/tonelada na primeira quinzena de julho de 2026), representando uma redução de US$ 1.059,66/tonelada, ou 6,02%. Enquanto isso, os preços de referência para outros minerais são: cobalto a US$ 55.863,00/tonelada, minério de ferro a US$ 1,44/tonelada e minério de cromita a US$ 6,37/tonelada. De acordo com o modelo de cálculo interno da SMM, baseado em simulações para minério pirometalúrgico (20% Fe, 1% Cr, 0,05% Co) e minério hidrometalúrgico (45% Fe, 2% Cr, 0,10% Co), os preços de referência do minério de níquel (HPM) para diferentes teores variaram da seguinte forma: - Ni 1,2%: US$ 45,25/tmu (queda de US$ 2,15) - Ni 1,3%: US$ 49,44/tmu (queda de US$ 2,42) - Ni 1,4%: US$ 53,60/tmu (queda de US$ 2,97) - Ni 1,5%: US$ 58,23/tmu (queda de US$ 3,27) - Ni 1,6%: US$ 63,06/tmu (queda de US$ 3,58)