SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,240.5/mt, fluctuated upward to a high of $13,295/mt in early trading, then the copper price center dropped sharply to $13,182.5/mt, followed by wild swings, and finally closed at $13,242/mt, down 0.26%, with trading volume at 17,000 lots and open interest at 287,000 lots, a decrease of 2,451 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,350 yuan/mt, rose to 102,510 yuan/mt in early trading, then the copper price center dropped sharply to 101,700 yuan/mt, before fluctuating upward to finally close at 102,290 yuan/mt, down 0.09%, with trading volume at 28,500 lots and open interest at 174,000 lots, an increase of 820 lots from the previous trading day, indicating bears adding positions.

RWE has withdrawn its 99.9 MW Butterfly (Glöyn Byw) solar-plus-storage project in Wales after determining that grid connection delays made the scheme unviable. Despite exploring alternative routes through 2025, the developer cited severe congestion in the UK's grid queue—where some projects face wait times into the mid-2030s—as the decisive factor. The cancellation underscores how grid bottlenecks are now dictating early-stage project viability across the UK. However, RWE maintained that solar and storage remain central to its strategy, with the group still planning €35 billion in global investments by 2030 to expand its flexible capacity and storage portfolio.

European distribution grid investment surged 51% between 2021 and 2024, reaching €35.3 billion annually, and is projected to hit €46.7 billion by 2027, according to a new ACER report. While spending is rising, ACER warns that fragmented planning, a persistent bias toward physical infrastructure over flexibility, and uneven digitalization are hindering progress. Nearly two-thirds of DSOs are currently exempt from mandatory network development plans, creating structural gaps in grid readiness. As solar and storage applications skyrocket—with the UK seeing a 460% surge in early 2025—grid constraints remain a critical bottleneck for the continent's clean energy goals.

The EU Agency for the Cooperation of Energy Regulators (ACER) launched a public consultation on March 31, 2026, to assess the evolution of the European Power Purchase Agreement (PPA) market. Open until May 8, the initiative seeks input on regulatory, financial, and market barriers across member states. ACER is specifically focusing on the availability of state-backed guarantees, the role of dedicated trading platforms, and tax incentives. Following a rebound in deal volumes in early 2026, the findings will guide future regulatory measures to improve market accessibility and foster long-term investment stability for renewable energy producers and corporate buyers.

The silver price has already shown this year how quickly dynamics in the precious metals market can change.

Stegra (formerly H2 Green Steel) announced on April 14, 2026, that it has reached a principal agreement for a €1.4 billion ($1.65 billion) financing round led by a Wallenberg Investments consortium. The funding ensures the continuation of construction for the world’s first large-scale green steel plant in Boden, Sweden, which utilizes green hydrogen instead of coking coal. While the original late-2025 deadline has passed, the new capital allows for a ramp-up of construction activities, with the project aiming to reduce CO₂ emissions by up to 95% compared to traditional blast furnace production.