Copper Prices Pulled Back Consecutively, Downstream Buyers Remained Cautious Due to High Prices [SMM North China Spot Copper]

[SMM Shanghai Spot Copper] Intraday SHFE copper prices edged down, effectively activating some downstream buying interest. According to SMM, orders from some downstream processing enterprises increased by approximately 30% compared to the previous trading day, with some transactions concentrated around 103,500 yuan/mt, indicating that current price levels still hold certain appeal for end-users. Inventory side, SMM data showed that social inventory in the Shanghai area registered 181,800 mt, down 2,800 mt WoW from last Thursday; inventory in the Jiangsu area was 38,100 mt, up slightly 1,200 mt WoW from last Thursday. Overall, a mild destocking trend was observed, with inventory pressure easing marginally. From market performance, suppliers' offers remained basically stable, and the transaction center showed no significant downward shift. Overall, supported by demand release stimulated by copper price pullbacks and mild destocking, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, continuing a generally stable trend.

Trilogy Metals said its Arctic copper project in Alaska has been accepted into the FAST-41 federal permitting program, aimed at accelerating approvals for major infrastructure and critical mineral projects. The project is being developed through a joint venture with South32. The company recently submitted its Clean Water Act Section 404 permit application, officially starting the federal permitting process. Trilogy also noted that the US government previously announced plans to take a 10% direct ownership stake in the company as part of efforts to strengthen domestic critical mineral supply chains. According to company estimates, the Arctic deposit contains indicated resources of approximately 35.7 million tonnes grading 2.98% copper and 4.09% zinc.