Gree Electric Appliances Reports 0.55% Rise in Revenue, 11.54% Boost in Net Profit, with Air-Conditioning Business Soaring 11.38% in 2024 H1 Semi-Annual Results

According to SMM, the operating rate of the copper plate/sheet and strip industry pulled back slightly MoM in May, but still surged YoY, with the overall production base of the industry remaining at a high level. Earlier, market demand was released in a concentrated manner, and enterprises’ order intake increased significantly, leading to ample accumulated orders on hand awaiting delivery and sufficient order visibility. This effectively supported enterprises in maintaining a high production schedule pace in May. However, entering mid-to-late May, new market orders gradually decreased and demand weakened marginally. Enterprises had largely used up their previously ample orders on hand, and new orders were insufficient to sustain the high production schedule pace. Most producers chose to sc

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,599/mt, fluctuated upward to a high of $13,683/mt in early trading, then swung wildly downward to a low of $13,590/mt near the session’s end, eventually closing at $13,590.5/mt, up 0.54%. Trading volume reached 19,200 lots, and open interest was 271,000 lots, down 1,319 lots from the previous trading day, indicating bear position reduction. Overnight, the most-traded SHFE copper 2607 contract opened at 104,780 yuan/mt, quickly rose to 104,870 yuan/mt in early trading, then fluctuated downward to a low of 104,270 yuan/mt, later swung wildly before closing at 104,390 yuan/mt, up 0.31%. Trading volume reached 30,000 lots, and open interest was 162,000 lots, down 1,482 lots from the previous trading day, indicating bear position reduction.

Aurubis expects to complete the expansion of its Augusta, Georgia copper scrap recycling facility later in September 2026. The project is designed to increase processing capacity and support growing demand from data centers, grid infrastructure and automotive applications.