Copper prices rose on domestic macroeconomic support [SMM copper morning comment]

Freeport-McMoRan disclosed during its Q2 earnings call that production resumptions at the underground Block Cave project at the Grasberg mine in Indonesia are progressing in line with expectations, with the ramp-up of Production Block 2 and 3 advancing according to the plan formulated in April. Previously affected by a wet material influx incident in the underground mine area in September 2025, part of Grasberg’s production was suspended. The company subsequently initiated cleanup, repair, and phased resumption of production. Reuters According to Freeport, repair work at the Grasberg Block Cave was completed in Q1 2026, and production ramp-up began in March, reaching the planned operating level in Q2. The company currently expects Grasberg’s capacity to recover to approximately 65% in H2 2026, further increase to around 80% by mid-2027, and plans to approach full operation by the end of 2027. In terms of production, Freeport expects the Grasberg mine to produce a cumulative total of approximately 6.8 billion pounds of copper from 2026 to 2030, with average annual copper production of about 1.4 billion pounds. As Block Cave capacity gradually recovers, copper production is expected to rebound notably after 2027. Additionally, Freeport indicated that Grasberg still has expansion potential, with the Kucing Liar project under development. The ramp-up is expected to commence around 2030, and after reaching full production, it is expected to add 750 million pounds per year of copper capacity.

В первом полугодии 2026 года китайский рынок серы пережил полную передаточную цепочку «импортный коллапс – давление на производство – стагнация экспорта». Ключевые показатели: Производство: В январе–мае выпуск серной кислоты в стране сократился на 1,6% в годовом исчислении, при этом значительное снижение наблюдалось в традиционных провинциях-производителях фосфатных удобрений, таких как Хубэй, Гуйчжоу и Юньнань, тогда как в Аньхое и других регионах с концентрацией производства серной кислоты из отходящих газов плавильных производств отмечался рост. Экспорт: Экспорт серной кислоты в июне практически остановился......

На этой неделе (17.07–23.07) уровень загрузки оборудования в отрасли эмальпровода снизился по сравнению с предыдущей неделей.