Copper Prices Consolidate as Delivery Approaches

Copper prices continued to consolidate at high levels, with the LME copper price closing at $14,153/mt on Wednesday, up 0.23% from the previous trading day.

Trading volume was 15,700 lots, and open interest stood at 261,000 lots, an increase of 2,675 lots from the previous trading day, indicating an increase in bear positions.

The most-traded SHFE copper 2609 contract opened at 108,200 yuan/mt overnight and closed at 108,000 yuan/mt, up 0.04% from the previous trading day.

Meanwhile, Perpetua Resources announced that it has delineated multiple gold-antimony exploration targets at the Stibnite project in Idaho, which could expand the permitted pit boundary.

The company also found tungsten mineralization clues, a critical mineral with high melting point and density, making it indispensable for heavy industry and aerospace engineering.