LME Will Reduce Daily Limit of Aluminium and Copper to 12% from July 24

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, in terms of regional structure, available supply in Changzhou has become significantly looser than before, with the previous tightness effectively alleviated, weakening the support for local spot premiums. From the perspective of supplier behavior, as the month-end cash collection period approaches, sentiment to offload cargo remains high, and suppliers have a strong willingness to continuously lower offer prices. During the day, discounts for some brands have widened to around 100 yuan/mt, and this trend is expected to continue tomorrow. On the demand side, following the decline in copper prices, some copper semis processing enterprises reported an increase in order volume; according to SMM, some end-user transactions were concentrated in the 102,500–103,000 yuan/mt range, indicating that current price levels are moderately attractive to downstream, with dip-buying willingness improving. However, due to aggressive price cuts by suppliers, downstream buyers still mainly push for lower prices in procurement, with limited willingness to chase higher prices. The import loss narrowed sharply to 80–30 yuan/mt, approaching the import breakeven point. Going forward, it is necessary to monitor the inflow of ex-China supplies. Overall, under the combined effect of selling pressure and downstream dip-buying, spot prices against the SHFE copper 2607 contract are expected to remain at a discount, or to widen slightly, tomorrow.

A empresa australiana de exploração Manhattan Gold Corporation Ltd. anunciou na terça-feira o início do primeiro programa de perfuração em mais de 30 anos em seu projeto Hook Lake, de 423 quilômetros quadrados, em Nunavut, no Canadá. Localizado no cinturão de rochas verdes Rankin-Ennadai, o projeto abriga tanto sistemas de ouro orogênico de alto teor quanto mineralizações de sulfeto maciço vulcanogênico (SMV) de cobre-zinco-ouro-prata. Este ano, a Manhattan planeja concluir 4.000 metros de perfuração de circulação reversa. Embora focado principalmente em alvos de ouro, o programa realizará testes preliminares em alvos polimetálicos, incluindo Spectre, onde perfurações históricas de 1974 encontraram lentes de sulfeto maciço de cobre-zinco-ouro-prata. Além disso, a empresa implementará um extenso programa de amostragem de till e levantamentos geofísicos aeromagnéticos para avaliar sistematicamente a mineralização de zinco e outros polimetálicos sob a cobertura glacial rasa ao longo da tendência.

Today, in North China, spot #1 copper cathode prices against the front-month contract were quoted at an average discount of 260-160 yuan/mt, with the average discount at 210 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 102,990 yuan/mt, down 990 yuan/mt from the previous trading day.