Mundoro works with Vale to explore copper in the United States

Ivanhoe Mines announced that the first shipment of 99.7%-pure copper anodes produced at the Kamoa-Kakula smelter was transported via the Lobito Railway Corridor to the Port of Lobito in Angola during the first quarter and subsequently shipped to Europe for refining. According to the company, the cargo arrived at the Atlantic port of Lobito before quarter-end and was loaded for export shortly thereafter. The gradual development of the Lobito Corridor will diversify export routes for copper products from the Democratic Republic of Congo, reduce reliance on traditional southern logistics corridors, and improve regional supply chain efficiency.

Copper prices eased slightly on June 5 after recently reaching record highs, with COMEX copper trading around $6.46 per pound. Despite the pullback, prices remain more than 30% above year-ago levels. Investors are closely monitoring the U.S. copper tariff investigation and the pace of mine supply recovery. Industry expect elevated volatility to continue while supply risks remain unresolved.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,874.5/mt, dipped to $13,858/mt in early trading, then the price center fluctuated upward, touching a high of $13,785/mt before staying high and moving sideways, ultimately closing at $13,904/mt, up 0.86%, with trading volume at 21,000 lots and open interest at 271,000 lots, down 1,063 lots from the previous trading day, mainly driven by bears reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 106,080 yuan/mt, touching a low of 105,950 yuan/mt right at the open, then the center shifted upward to probe 106,800 yuan/mt, ultimately moving sideways to close at 106,320 yuan/mt, up 1.11%, with trading volume at 48,000 lots and open interest at 176,000 lots, down 1,169 lots from the previous trading day, driven by bears reducing positions.