1. Copper prices pulled back and downstream purchases increased slightly over the weekend, resulting in improved overall trading
July 24 News:
Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at 190 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, flat from the previous trading day; SX-EW copper was quoted at a premium of 80 yuan/mt, flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,000 yuan/mt, down 1,210 yuan/mt.
Spot market: Guangdong inventory declined for three consecutive days, hitting a new low in the near term, mainly due to reduced arrivals and increased warehouse withdrawals. Copper prices pulled back again, and with the weekend, downstream enterprises' purchasing enthusiasm improved slightly compared to yesterday; suppliers maintained the previous day's premium levels for shipments, with little change in spot transaction prices. Today, the purchasing sentiment for copper cathode in Guangdong was 2.56, up 0.06 from the previous trading day, while the shipment sentiment was 2.80, down 0.05. Tight supply led to reduced shipment enthusiasm. 
Overall, copper prices pulled back, and with the weekend, downstream purchasing increased slightly, leading to improved overall trading.

2.High Copper Prices Combined with Off-Season Drag Down Cable Operating Rates This Week
This week (July 17 – July 24), the operating rate of copper wire and cable enterprises recorded 67.18%, down 1.78 percentage points WoW and 3.65 percentage points YoY, with the industry's production load continuing its downward trend. During the week, copper prices fluctuated at highs, suppressing downstream purchasing willingness. Combined with overall order shrinkage in the traditional consumption off-season, most wire and cable enterprises only maintained basic production relying on pre-existing long-term contracts. On the inventory side, high copper prices increased working capital pressure for wire and cable enterprises, and their willingness to stockpile raw materials was low, with raw material inventory falling 2.16% WoW. Weakened end-use demand in the off-season slowed the delivery pace of orders on hand, and finished product inventory rose 1.54% WoW. Looking ahead to next week, copper prices pulled back slightly at the end of this week, releasing a small number of scattered orders in the short term. However, end-user wait-and-see sentiment remained strong, and overall order-taking performance was still weak. Combined with insufficient rigid demand in the off-season, expects next week (July 25 – July 31) the operating rate of copper wire and cable will decline by another 0.83 percentage points WoW to 66.35%, and by 0.99 percentage points YoY.

3.Heavy Rain and Snowfall Trigger Emergency Measures at Multiple Copper Mines in Chile
Recently, heavy rainfall and high-altitude snowfall hit central Chile and the Atacama region, prompting multiple copper mines to initiate winter emergency measures.
Los Pelambres, owned by Antofagasta Minerals, temporarily restricted access to the mine site and preemptively scaled back non-critical operations, though no full production suspension has been reported so far. Andina, operated by Codelco, suspended surface operations, while El Teniente halted open-pit ore transport at one point due to hillside snow accumulation.
Among these, Caserones was the most significantly affected. Lundin Mining stated that the mine has been suspended since July 18 due to heavy snow, restricted road access, and an on-site power outage. It is currently relying solely on backup generators to sustain critical activities, and production will resume once power is restored and road access improves. As of July 24, the company had not yet issued a production resumption announcement, but Lundin Mining maintained its full-year production guidance.
Overall, this round of disruptions was concentrated in central Chile and some high-altitude mining areas. The major copper mines in the far north generally maintained operations, and a nationwide large-scale production halt has not materialized. In the near term, attention should continue to be paid to the timing of Caserones' production resumption and the progress in restoring road access and power at the mine site.

4.Copper 360 Reaches Key Milestone in $50M South African Mine Development, Shares Rise 10%
According to foreign media reports, JSE-listed copper producer Copper 360 has reached a major milestone in its $50 million underground development program at the Rietberg mine in South Africa's Northern Cape. Underground excavation has successfully passed the halfway mark of its 544-meter development target, setting the company on track to intersect its primary ore body on the 300 Level within the next 90 days.
This progress marks a strategic shift for the mine as it transitions from capital-intensive waste development into revenue-generating hard-rock mining. Reaching the ore block will provide an immediate feed of copper-bearing material directly to the upgraded Modular Flotation Plant 2 (MFP2). The alignment between underground production and processing capacity is expected to ramp run-of-mine output up to approximately 700 tonnes per day, fully utilizing the plant's installed capacity and delivering higher feed grades alongside improved recoveries.
To secure long-term operational flexibility, the company plans to concurrently extend the underground haulage decline down to the 350 Level. This move will open additional mining areas and support a sustained long-term production profile beyond the initial ramp-up phase. Investors responded enthusiastically to the development, driving Copper 360’s shares up by more than 10% on the Johannesburg Stock Exchange following the operational update. The project reinforces the company's efforts to establish a fully integrated copper production footprint in the region.

5.The large Shanghai-Guangdong price spread led to cross-regional cargo transfers, pushing the spot premium in South China up passively. 
Jul 23, 2026
Guangdong region: This week, premiums in the region trended higher amid choppy trade, mainly driven by a rapid drop in inventory (not due to consumption but because metal was transferred to east China). As of Thursday, high-quality copper was quoted at 200 yuan/mt, up 20 yuan/mt from last Thursday; standard-quality copper premiums stood at 140 yuan/mt, up 40 yuan/mt from last Thursday; and SX-EW copper premiums were at 80 yuan/mt, up 40 yuan/mt from last Thursday. On Thursday, the Shanghai-Guangdong price spread for standard-quality copper premiums stood at 350 yuan/mt in favor of Shanghai. The wide spread prompted inter-regional shipments this week. According to SMM data, as of Thursday, total inventories in Guangdong warehouses stood at 15,200 mt, down 7,500 mt from last Thursday, while warrant holdings totaled 4,100 mt, down 600 mt from last Thursday. In detail: Weekly arrivals reached 14,900 mt/week, up 800 mt/week WoW, slightly above the annual average (14,000 mt/week). Arrivals were relatively normal this week, with both domestic and imported copper arriving. Warehouse withdrawals amounted to 22,400 mt/week, up 6,700 mt/week WoW, significantly above the annual average (14,200 mt/week). The main reason was the wide Shanghai-Guangdong spread, which led to substantial cargo transfers from warehouses to the east China market, while local actual consumption was weak.
Looking ahead to next week, we understand that both imported and domestic copper will arrive normally. Consumption is expected to remain weak due to elevated copper prices, and the key focus will be whether inter-regional shipments persist. Inventories are likely to stay low, with little chance of a significant increase, and spot premiums are expected to remain at high levels.