Rapid growth in global solar installations is creating a new source of secondary raw materials as increasing volumes of PV modules approach end-of-life. Global installed solar PV capacity reached 2.4 TW by the end of 2025, while IRENA forecasts PV waste could increase from 0.2 million tonnes in 2021 to 4 million tonnes in 2030, nearly 50 million tonnes in 2040 and over 200 million tonnes by 2050. Recovered materials could meet around 20% of future aluminum and copper demand and 70% of silver demand for PV expansion by 2040, with recovered metals potentially worth around US$6 billion annually. Major markets including the EU, China, India and South Korea are strengthening EPR and recycling frameworks as the industry prepares for larger volumes of retired solar panels.

According to foreign media reports, Resolution Copper has awarded approximately $110 million in drilling and underground development contracts as work advances at its proposed copper mine in Arizona, one of the world’s largest undeveloped copper deposits. Major Drilling America will undertake deep-hole directional diamond core drilling over the next two-and-a-half years, including drilling from the surface and from approximately 6,800 feet underground. Four large surface drilling rigs are planned for the programme, with two already on site and another two expected by the end of 2026. Redpath USA Corporation will undertake the first phase of underground development, including converting two existing shafts, each approximately 7,000 feet deep, for development activities. The contractor will also install underground infrastructure, construct a mine station at around 6,800 feet below surface and develop approximately 1,500 feet of new tunnels and supporting facilities. The contracts form part of an early phase of Resolution Copper’s planned $500 million investment programme, following completion of key environmental review and land-exchange processes earlier this year. The project is jointly owned by Rio Tinto with a 55% stake and BHP with 45%. If developed, Resolution Copper is expected to have the capacity to meet up to a quarter of annual US copper demand. However, a final investment decision remains subject to further data collection, permitting and partner approvals. From a copper-market perspective, the latest contract awards mark another step in advancing a potentially significant source of long-term US mine supply. While commercial production remains dependent on an eventual investment decision and further development, progress at Resolution is increasingly relevant as the US seeks to strengthen domestic copper supply amid rising requirements from power infrastructure, manufacturing and electrification.

[SMM Copper Express] The National Bureau of Statistics (NBS) released data showing that the manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all pulled back in July, weakening the overall business production and operation climate. Overall manufacturing demand was under pressure, which weighed on copper semis purchase willingness in traditional sectors such as home appliances and general machinery, dragging down the pace of recovery in copper consumption in the short term.

[SMM Copper Flash] A spokesperson for the National Development and Reform Commission (NDRC) stated that, according to estimates, the direct new investment in computing power network construction during the 15th Five-Year Plan period is expected to reach 4 trillion yuan. The construction of intelligent computing centers, servers, power distribution and liquid cooling supporting facilities requires large quantities of copper semis. This vast investment plan will continuously drive demand for copper rods, copper busbars, and conductive copper components, bringing new growth to copper consumption over the long term.

[SMM Copper Express] The Ministry of Industry and Information Technology (MIIT) released data showing that in H1, the revenue of the electronic information manufacturing industry above designated size reached 9.41 trillion yuan, up 18.5% YoY, with profits soaring. The monthly revenue in June alone posted a YoY increase of 24.7%. The production of products such as computing power equipment and communication cables requires large amounts of copper semis. The industry continues to boom, providing stable growth support for copper consumption amid weak traditional copper demand.

[SMM Copper Express] On July 31, data was released showing that in January-June 2026, the national electricity market saw cumulative traded electricity volume of 3,684.8 billion kWh, up 24.2% YoY. The scales of intra-provincial trading, inter-provincial and inter-regional trading, and green electricity trading expanded simultaneously. The increase in electricity trading activity reflected the ongoing progress in grid expansion and new energy supporting projects, and the construction of substations and transmission lines continuously boosted demand for copper semis such as copper rod and copper busbar.