Freeport Indonesia Grasberg's production resumption delayed, Shanghai copper leads non-ferrous metals higher

Golden Ten Data Futures, May 8 — According to a research report from Guotou Futures, this afternoon, Shanghai Copper saw a significant increase in open interest, breaking through 103,000, with the upward trend approaching 105,000. News that Freeport’s Grasberg operation in Indonesia will postpone full resumption of production by one year has affected the market. Currently, on the supply side, copper faces both a slowdown in concentrate supply growth and tightness, as well as smelting output being constrained by the risk of hydrometallurgical copper feedstock and narrow profit margins. On the demand side, domestic spot and inventory signals remain temporarily resilient, with attention on the continuing tug-of-war after the seasonal weakening of both supply and demand, particularly focusing on imports.