Copper prices advanced towards a record closing high as tightening physical supply continued to support the market alongside resilient long-term demand. The London Metal Exchange (LME) three-month copper contract strengthened as sustained inflows of metal into the United States and increased buying activity from China reduced the availability of copper in other regions. Large volumes of refined copper have been shipped into the U.S. this year as traders positioned ahead of a potential decision on refined copper import tariffs. At the same time, stronger purchasing activity from China has intensified competition for available material, further tightening the physical market. These developments have contributed to copper gaining approximately 14% since the beginning of 2026, building on three consecutive years of annual gains. Beyond near-term supply tightness, the market continues to be supported by long-term demand from power infrastructure, renewable energy, electric vehicles and artificial intelligence-related data centres. However, declining ore grades at existing operations and the increasing cost and complexity of developing new mines continue to constrain future supply growth. The latest price gains highlight a market increasingly influenced by physical supply constraints rather than demand alone. With inventories remaining tight and new mine supply struggling to keep pace with long-term consumption growth, sustained price strength could continue to support investment in mine expansions, brownfield redevelopment and domestic copper processing capacity.

[SMM Aluminum Express News] Eqonic Group has confirmed that aluminum is the core material behind its next-generation battery technology, positioning the metal as an alternative to lithium, sodium and rare earth-based chemistries. The UK company said its proprietary aluminum-based battery has successfully demonstrated laboratory-scale performance and is designed to offer improved safety, lower costs, greater recyclability and reduced reliance on critical minerals. Eqonic said the technology is initially targeting long-duration stationary energy storage, industrial applications and critical infrastructure rather than electric vehicles. The company is continuing research and commercialisation efforts, with support from the UK Government's Battery Innovation Programme to advance manufacturing and scale-up of its aluminum-based battery platform.

With Zambia's general election scheduled for August 13, the country's mining industry is calling for stronger government support to accelerate copper sector expansion, including incentives for mineral processing, increased greenfield exploration and additional power generation capacity. Africa's second-largest copper producer aims to increase annual copper output to 3 million tonnes, nearly triple current production, to capitalize on rising global demand driven by electric vehicles, power grids and infrastructure development. Benchmark copper prices have climbed more than 40% over the past year to around US$14,000 per tonne. The Zambia Chamber of Mines said tax reforms and improved engagement between government and mining companies have attracted more than US$10 billion of investment since the 2021 election. President Hakainde Hichilema is expected to win re-election, with mining policies likely to remain largely unchanged.

In the tax reform plan announced on August 3, the South Korean government limited domestic production tax credit support to six sectors: semiconductors, secondary batteries, artificial intelligence (AI) robot components, critical materials, solar power and wind power. As a result, electric vehicles were excluded from the domestic production tax credit scheme, often referred to as the “Korean IRA.”

Mining operators across Zambia are formalizing their policy demands ahead of the upcoming national elections, calling on the government to strengthen incentives for local mineral processing, greenfield exploration, and power generation expansion. Industry leaders emphasize that these measures are vital to achieving the national benchmark of tripling annual copper output to 3 million tonnes. This push coincides with a tight physical market, where surging demand for critical metals in electric vehicles, power networks, and construction has driven benchmark copper futures up over 40% in the past year to $14,000 per tonne. Fiscal stabilization and closer engagement with miners have already drawn over $10 billion in committed investment to Zambia since the 2021 election. However, expanding long-term output hinges on resolving critical infrastructure bottlenecks. According to the Zambia Chamber of Mines, maintaining a robust exploration pipeline via greenfield spending and licensing reforms is essential to secure real industry growth. Meanwhile, unintegrated producers continue to advocate for export duty relief on copper concentrates. Industry executives estimate that Zambia needs at least 2,000 megawatts of additional generation capacity to prevent severe power shortages from capping planned mine expansions. Because mining remains the country's economic backbone, contributing 9% of GDP, 72% of export earnings, and nearly half of government revenue, analysts expect general policy continuity for foreign direct investment following the polls.

Indonesian stainless slab moving through a trade-measure gap, not summer shutdowns, explains why European stainless scrap weakened while Asian stainless scrap rose between the mid-July low and 3rd August.