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  Policy Uncertainty and High Arbitrage Inventories: The Dilemma of the Secondary Copper Market

  This week, the copper market showed a pattern where the overseas market outperformed the domestic market, with the most-traded SHFE copper contract fluctuating upward by 1,500 yuan/mt, while the price of bare bright copper in Guangdong followed the rise by 700 yuan/mt to a range of 78,500–78,700 yuan/mt.

• Drilling Progress at the Tandayama-Ame Copper Mine in Ecuador

• Mali Maka Copper Mine Project Environmental Permit Approved

• Ending Unbridled Growth: Air Conditioning Aluminum Foil Faces High Inventory Challenges, Seeking High-End Pathways Under Policy Guidance

  During 2022-2023, driven by positive expectations from the domestic 14th Five-Year Plan and extreme summer heatwaves, air conditioner manufacturing activity was brisk, with aluminum foil production reaching 1.04 million mt in 2023. Production continued to increase to 1.06 million mt in 2024, mainly benefiting from stockpiling production by air conditioner enterprises preparing for peak season demand. However, entering 2025, due to persistently high social inventory of end-use air conditioners, aluminum foil production is expected to pull back to 1.02 million mt, representing a reduction of approximately 40,000 mt compared to 2024, a decrease of 3.8%.

• BC Copper 2512 Contract Closed Higher as U.S. Government Reopening Eased Market Concerns [SMM BC Copper Review]