À medida que a rolagem de contratos se aproxima, o sentimento de cautela aumenta; as negociações no mercado permanecem moderadas [SMM Cobre Spot do Norte da China].

[SMM Shanghai Spot Copper] Looking ahead to next week, next Monday will be the last trading day for the SHFE copper 2608 contract, and the backwardation spread between the 2608 and 2609 contracts remains at a high level of 590-700 yuan/mt. Under SMM methodology, SMM always quotes against the front-month contract, and spot prices against the 2608 contract are still expected to show relatively deep discounts on Monday. As the pricing basis switches to the 2609 contract on Tuesday, spot premiums and discounts will show a notable apparent recovery. Delivery side, as of the morning close, open interest in the SHFE copper 2608 contract was still about 9,480 lots; as of August 13, SHFE registered copper warrants stood at 27,200 mt. Some suppliers continued to register eligible material as warrants, and material will remain partly split between the spot and warrant sides. Demand side, some downstream enterprises have seen a recovery in operating rates, and end-user clients mostly price against the 2609 contract; their acceptable copper price center has moved up from previous levels, and their bids are mostly concentrated near 107,000 yuan/mt. However, this price level is still some distance away from current futures prices, and actual demand release is expected to remain largely need-based. Overall, Shanghai spot copper prices against the SHFE copper 2608 contract next Monday are expected to remain at deep discounts, and spot prices against the 2609 contract will rebound noticeably after the contract rollover; downstream trading and the flow of deliverable material still need to be monitored going forward.

A mina Condestable da Rio2 Limited, no Peru, processou mais de 700 mil toneladas de minério no segundo trimestre de 2026, produzindo 9,30 milhões de lb de cobre, 4.451 oz de ouro e 74.374 oz de prata contidos no concentrado. Os teores médios foram 0,66% de cobre, 0,24 g/t de ouro e 3,88 g/t de prata. Os teores de cobre ficaram abaixo do planejado devido à maior diluição interna em certas áreas da mina, particularmente em junho, enquanto as recuperações de cobre permaneceram ligeiramente abaixo das expectativas devido ao maior teor de óxidos próximo à base da zona de oxidação. A Condestable manteve sua projeção de produção de cobre equivalente pagável para fevereiro–dezembro de 2026 em 21.500–23.500 toneladas. A Rio2 também está avançando com testes de separação de minério, uma planta de filtragem de rejeitos e uma avaliação preliminar para expandir a capacidade de processamento para 10.000 toneladas por dia, com o equipamento piloto de separação de minério previsto para chegar antes de novembro de 2026. As reservas e recursos atuais sustentam uma vida útil estimada da mina de 14 anos.