Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
MineHub Technologies (TSXV: MHUB) is expanding its partnership with Sumitomo Corporation by integrating the Japanese firm’s refined copper business into the MineHub metals trading platform.
The existing partnership was established in August 2022, when Sumitomo adopted the MineHub’s blockchain-based platform for its copper concentrates business. Before that, the companies had been working to bring more efficiency, transparency and responsibility to industrial supply chains.
“By joining forces to drive commercial traction and integrating Sumitomo’s refined copper business onto our platform, we are poised to unlock new opportunities for growth and innovation in the metals industry,” MineHub CEO said in a news release.
“We believe that integrating our refined copper business onto the MineHub platform will not only streamline our operations, but also enhance our ability to serve our customers effectively,” Takeshi Ishimaru, general manager of Sumitomo’s non-ferrous metals and raw material unit, added.
The Japanese trading house expects to integrate its refined copper business onto the MineHub platform starting with key customers in the Asian market.
