On August 19, LME copper showed a straight-line decline after the close of SHFE copper. In early trading, copper prices consolidated around $13,960/mt. During the session, prices briefly climbed above $13,980/mt before quickly pulling back and falling below $13,900/mt, with the intraday low approaching $13,880/mt. On the inventory front, on August 18, LME copper inventories rose to 235,975 mt, an increase of 12,425 mt from the previous trading day, including 17,000 mt of inflows and 4,575 mt of outflows. Meanwhile, cancelled copper warrants fell to 77,225 mt, a decrease of 18,650 mt from the previous day, and the ratio of cancelled warrants pulled back to 32.73%. The significant increase in LME copper inventories and the simultaneous decline in cancelled warrants indicated that deliverable supply on the exchange had increased somewhat, putting some pressure on high copper prices. Intraday, LME copper came under pressure near the $14,000/mt mark and pulled back quickly. In the near term, the market continues to focus on inventory changes and funding sentiment at elevated levels.

[SMM Shanghai Spot Copper] Tomorrow, the price center of the SHFE copper 2609 contract is expected to move notably lower during the day from the previous trading day, driving the release of downstream dip-buying demand, and purchase sentiment in Shanghai is expected to rebound markedly. SMM has learned that orders for some downstream enterprises have improved notably WoW, and their purchase willingness for copper cathode has strengthened accordingly, with market trading activity picking up somewhat. However, some warrant cargo has gradually flowed into the spot market, increasing the available supply. Suppliers have been continuously lowering their quotes to facilitate transactions, and the downstream's bargaining willingness has been evident, weighing on spot premiums. Meanwhile, the available supply of high-quality copper remains scarce, and the backwardation spread has widened, still providing some support for quotes of certain brands. Overall, under the combined effect of the copper price pullback boosting demand improvement but the outflow of warrant cargo replenishing spot supply, Shanghai spot copper prices against the 2609 contract are expected to maintain a premium tomorrow.

[SMM Analysis: From Aurubis to Nexans and Wieland: Why Are European and US Copper Companies Expanding Recycling Capacity?]European and US copper companies have accelerated investment in recycled raw materials. Copper scrap is therefore becoming more than a supplement to primary copper. It is increasingly viewed as a strategic resource that can improve raw material security, diversify earnings and reduce product carbon footprints.

[SMM Analysis: From Aurubis to Nexans and Wieland, Why Are European and American Copper Companies Collectively Ramping Up Recycled Raw Materials?] In recent years, the copper industry in Europe and the United States has significantly accelerated its push into recycled raw materials, and participants are no longer limited to traditional secondary copper smelters. From integrated smelters such as Aurubis, Boliden, and Glencore to wire-and-cable and copper-processing enterprises such as Nexans and Wieland, different segments of the industry are simultaneously strengthening their capabilities in copper scrap recycling, pretreatment, smelting, and internal recycling. This means the logic behind the development of the secondary copper industry in Europe and the United States is shifting: recycled raw materials are no longer merely a supplement to primary copper supply, but are gradually becoming an important strategic resource for companies to ensure raw material security, stabilize profit sources, and reduce the carbon footprint of their products.

Copper Lake Resources said it has closed a C$1 million financing through secured, non-convertible debentures and attached warrants. The debentures carry a 15% annual interest rate and mature in 12 months, while 5.26 million warrants will be issued at an exercise price of C$0.19 per share for 12 months. Net proceeds will be used to advance exploration at the Marshall Lake project in Ontario, strengthen working capital, settle certain outstanding obligations and for general corporate purposes. Marshall Lake is a high-grade VMS copper-zinc-silver-gold project in Ontario, in which Copper Lake holds an 82.97% interest. The company also owns a 69.79% joint venture interest in the Norton Lake nickel-copper-cobalt-PGM project, where a 2023 NI 43-101 resource outlined 1.795 million tonnes of measured and indicated resources grading 0.72% nickel and 0.69% copper, containing 27.3 million lb of copper. The financing is small and mainly supports exploration and working capital, with no near-term impact on copper supply.

Sweden has rejected appeals against Boliden’s mining concession for the Laver copper project in northern Sweden, allowing the company to advance one of Europe’s potentially significant new sources of domestic copper supply toward the environmental permitting stage. The mining concession, originally granted by Sweden’s Chief Mining Inspector in September 2025, provides the right to extract copper, gold, silver and molybdenum from the Laver deposit. The Swedish government’s August 12 decision rejected two appeals against the concession, removing an important regulatory hurdle for the proposed mine. Laver contains an indicated Mineral Resource of approximately **849.5 million tonnes grading 0.24% copper**, according to Boliden’s 2025 resource statement. The company estimates that development of the project could **roughly double Sweden’s copper production** and increase Europe’s copper self-sufficiency by approximately **10%**. The project is not yet approved for construction or production. Boliden will now proceed with its application for an environmental permit, while additional technical and regulatory work will be required before an investment decision can be made. From a longer-term supply perspective, progress at Laver is significant as Europe seeks to increase domestic production of critical raw materials and reduce its reliance on imported copper. Although production remains several years away, removal of the concession appeals improves the project’s development pathway and could ultimately support a meaningful increase in European mined copper supply.