Copper for delivery in September fell by more than 1% to a maximum of 11,120 per ton in the early auction in the COMEX market (5120 per pound).
Preverter purchases in the United States opened a huge gap between the prices of the exchange in the USA and London. The reference 3-month copper in London was traded above at 9,887 per ton on LME at the morning tenders in London on Friday.
Chinese melting companies agreed to process copper for free, but the result was better for the mems that had already suffered losses.
Antofagasta concentrate in 2026 is a victory for Chinese metallurgical plants, given that the spoting fees range around -43, which means that mining companies will have to pay for the processing of their concentrate.
SP ANGEL, HMC, which is based in London, notes that the Chinese government is stubbornly It worked to reduce expenses for local business, especially the cost of electricity, which support energy -intensive industries, such as oil refining, and allows Chinese companies to be more effective.
In an attempt to cover short positions on the London metals exchange, some Chinese metallurgical plants quickly increase exports.
goldman Sachs said that it said that It expects that LME prices will grow to the peak of 2025 about 10,050 per ton in August, since deliveries outside the United States continue to contract.
& quot; The former copper market in the United States has tightened, which caused fears about the regional shortage of copper, despite the fact that the world market is currently in excess & quot;, - said Goldman, Goldman, Goldman, said Goldman, Goldman. Adding that as soon as the expected 25% of import fees are introduced in September, copper prices should again decrease to the level of $ 10,000.
ready -made reserves for LME were reduced by about 80% to less than one day of global use, which caused a sharp rebound and surge of Chinese factories.
since the beginning of the year Orange metal remains more expensive by 20%.
