SMM August 14 At 11:30 today, the futures closing price was 108,250 yuan/mt, down 50 yuan/mt from the previous trading day. The average spot premium was -130 yuan/mt, up 15 yuan/mt from the previous trading day. Today, copper scrap prices remained unchanged from the previous trading day. The copper scrap sales sentiment index rose to 2.75, and the purchasing sentiment index fell to 1.82. The price difference between copper cathode and copper scrap was 4,561 yuan/mt, down 35 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,630 yuan/mt. According to the SMM survey, ahead of the weekend, copper prices pulled back. Secondary copper rod enterprises generally purchased as needed, while copper scrap suppliers, concerned about the risk of overseas copper prices pulling back over the weekend, preferred to focus on securing transactions during the day. As a result, secondary copper rod enterprises were able to purchase small quantities of low-priced material in the market.

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,071/mt, dipped to a low of $14,066/mt in early trading, then saw its price center drift higher to touch $14,151.5/mt before closing at $14,135.5/mt, up 0.18%. Trading volume reached 20,000 lots, with open interest at 266,000 lots, up 2,423 lots from the previous trading day, reflecting an increase in long positions. Overnight, the most-traded SHFE copper 2609 contract opened at 107,930 yuan/mt, initially rose to 107,990 yuan/mt, then saw its price center move straight down to touch a low of 107,660 yuan/mt, and subsequently swung wildly before closing at 107,790 yuan/mt, down 0.03%. Trading volume reached 28,000 lots, with open interest at 206,000 lots, down 3,254 lots from the previous trading day, reflecting long liquidation.

[SMM Analysis]Currently, domestic magnesium prices in China remain range-bound at low levels with significantly narrowed fluctuations. Combined with industry professionals taking summer holidays and a quiet market news front, overall trading sentiment remains subdued. As the market enters the critical August window, magnesium prices are approaching a new turning point, where supply-demand dynamics, regional supply disparities, and cost support will jointly dictate the market's trajectory.

[SMM Magnesium Market Analysis: Consolidating at Lows and Awaiting a Turning Point, Clear Pattern of Both Supply and Demand Growth in August] Currently, China's magnesium prices remain in a low-level, narrow sideways consolidation trend, with market price fluctuations narrowing markedly. With industry participants on summer vacation and the market news environment quieting down, overall trading activity is sluggish. As the market enters the critical August window, magnesium prices are about to see a new turning point in their trend. The supply-demand structure, regional supply differences, and cost support will jointly dictate the subsequent market direction.

SMM August 13 At 11:30 today, the futures closing price was 108,300 yuan/mt, down 380 yuan/mt from the previous trading day. The average spot premium was 145 yuan/mt, down 140 yuan/mt from the previous trading day. Today, copper scrap prices remained unchanged day-on-day. The copper scrap sales sentiment index was flat at 2.712, and the purchase sentiment index was flat at 1.83. The price difference between copper cathode and copper scrap was 4,596 yuan/mt, down 281 yuan/mt day-on-day. The price difference between copper cathode rod and secondary copper rod was 1,670 yuan/mt. According to the SMM survey, the front-month futures contract neared delivery, and the price spread between futures contracts widened to 800 yuan/mt. Although scrap utilization enterprises shifted their pricing to the September contract, given the clear downtrend in forward contracts, their purchase willingness was mediocre. Meanwhile, suppliers' offers for copper scrap were unchanged from yesterday, and overall market transactions were mediocre.

[SMM Magnesium Survey: Element One Accelerates Magnesium Extraction from Olivine and Natural Hydrogen Project Development] Canada's Element One disclosed its six-month plan, under which it will build a demonstration plant in the US to extract magnesium from olivine and collaborate on an electrochemical process to produce magnesium products. It has also established a presence in natural hydrogen deposits and mastered extraction technology. The enterprise plans to list in the US to raise funds. The US and Canada have listed magnesium among critical minerals. The magnesium market has significant growth potential, natural hydrogen extraction costs are extremely low, and the company will seek policy subsidies to advance project implementation.