The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

According to SMM, the head of metals and mining research at Mercuria Energy Trading Group said that the company expects a shortage of 700,000 mt of copper concentrates and 300,000 mt of copper cathode this year, which could drive copper prices to record highs. Nicholas Snowdon, a well-known copper bull at Mercuria, said that he expects copper prices to reach new highs sooner or later. Speaking at the LME Asia Week conference in Hong Kong, Snowdon said, "The copper market is currently in an extremely fragile state. For us, the question is not whether there will be a shortage, but when. This situation is likely to occur in the second half of the year.

On May 21 (Wednesday), the head of metals and mining research at Mercuria Energy Trading Group stated that the company expects a shortage of 700,000 mt of copper concentrates and 300,000 mt of copper cathode this year, which could drive copper prices to record highs. Mercuria's well-known copper bull, Nicholas Snowdon, said he expects copper prices to hit new highs sooner or later. Speaking at the LME Asia Week conference in Hong Kong, Snowdon said, "The copper market is currently in an extremely fragile state. For us, the question is not whether there will be a shortage, but when. This situation is likely to occur in the second half of the year." Snowdon pointed out that amid strong demand in China, supply disruptions and stagnant output have occurred, while a significant amount of copper has been diverted to the US due to the expectation of potential import tariffs. Analysts said this week that they expect a substantial amount of copper to continue flowing to the US as long as the tariff threat persists and the price premium at the US Commodity Exchange (COMEX) makes trading favorable for traders and producers. COMEX copper prices reached a record high of $11,633 per mt on March 26. Snowdon said that approximately 500,000 mt of copper will enter the US in the second quarter of this year. Sharon Ding, an analyst at Ningxia Ruiyin Lead Resource Recycling Co., Ltd. (UBS), said at an event on Tuesday that she expects 450,000-500,000 mt of copper to be shipped to the US from March to May, 250,000-300,000 mt higher than normal. Last week, copper inventories in China surged, breaking a three-week streak of significant declines, sparking concerns about a copper shortage caused by the global supply shift to the US.

CMOC disclosed its Q1 report on the evening of April 25, achieving revenue of 46.006 billion yuan in Q1 2025, down 0.25% YoY, and net profit of 3.946 billion yuan, up 90.47% YoY. CMOC stated that the selling prices of its copper and cobalt products increased YoY, while overall costs decreased YoY, leading to a YoY rise in profit. CMOC also announced progress on significant matters during the reporting period: the company seized favorable market opportunities to stabilize and increase production, with the output of its main products generally increasing YoY, including a 15.65% YoY increase in copper production. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. As of the reporting date, the company was selected for the third consecutive time in the "S&P Global Sustainability Yearbook (China Edition) 2025," becoming one of the four Chinese companies in the metals and mining industry. The company's ESG performance continues to lead the industry, supporting sustainable development. CMOC announced on April 21 that, approved by its investment committee, it will acquire all issued and outstanding common shares of the Canadian publicly listed firm Lumina Gold (TSXV:LUM) through an overseas entity in an all-cash transaction, with a total price of approximately 581 million Canadian dollars. Lumina Gold is a precious and base metal exploration company listed on the TSX Venture Exchange, headquartered in Vancouver, and holds 100% of the Cangrejos gold mine project in El Oro Province, southwestern Ecuador. As the core asset of the transaction, Cangrejos is a large-scale primary gold mine project in Ecuador, completing a pre-feasibility study in 2023. Based on the pre-feasibility report, Cangrejos has a resource of 1.376 billion mt, with an average gold grade of 0.46 g/mt, containing 638 mt of gold; reserves of 659 million mt, with an average gold grade of 0.55 g/mt, containing 359 mt of gold. The future mine life is expected to be 26 years. The acquisition price translates to 1.27 Canadian dollars per share, a 41% premium to its latest closing price on April 17. Meanwhile, CMOC signed a subscription agreement with Lumina to issue $20 million in convertible bonds to meet the future operational needs of the Cangrejos gold mine project. The two parties began in-depth contact in H2 last year, and after long-term exclusive friendly negotiations, they finally reached the acquisition agreement. Currently, the agreement has received voting support from 52.3% of Lumina's shareholders, and the subsequent process will proceed according to local public acquisition procedures. CMOC's announcement on the evening of April 8 regarding its operating performance from January to March 2025 showed that the company seized favorable market opportunities to stabilize and increase production, with the output of its main products copper, cobalt, and niobium increasing by 15.65%, 20.68%, and 4.39% YoY, respectively. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. CMOC stated that 2025 is a critical year for achieving strategic goals and high-quality development. The company continues to accelerate expansion projects to maximize resource utilization value, laying a solid foundation for new leaps. CMOC's previously released 2024 annual report showed that the company's revenue exceeded 200 billion yuan for the first time, reaching 213.029 billion yuan, up 14.37% YoY; net profit attributable to the parent company exceeded 10 billion yuan for the first time, reaching 13.532 billion yuan, up 64.03% YoY; non-GAAP net profit attributable to the parent company was 13.119 billion yuan, up 110.48% YoY; and earnings per share were 0.63 yuan, up 65.79% YoY. CMOC's annual report showed that in 2024, the company's production of main products such as copper, cobalt, niobium, and phosphate fertiliser all hit record highs. Among them, annual copper production reached 650,200 mt, up 55% YoY, making it one of the top ten global copper producers for the first time. According to institutional estimates, CMOC's new mineral copper production in 2024 accounted for nearly 60% of the global increase. In other mineral products, CMOC produced 114,200 mt of cobalt, 10,024 mt of niobium, 1.18 million mt of phosphate fertiliser, 8,288 mt of tungsten, and 15,396 mt of molybdenum in 2024, maintaining its leading position in the industry. CMOC also announced its 2025 operating plan in its 2024 interim report. According to the guidance for the production of main products and physical trade volume in the company's mining and trade business segments in 2025, CMOC plans to produce 600,000-660,000 mt of copper, 100,000-120,000 mt of cobalt, and 12,000-15,000 mt of molybdenum. Central China Securities released a research report on April 15, giving CMOC an "overweight" rating. The reasons for the rating include: 1) TFM and KFM exploration work continues to advance, and copper mines are preparing for a new round of expansion; 2) the company achieved a good start in Q1, with main operating indicators exceeding expectations; 3) the period expense ratio decreased, and cash flow levels improved. Risk warnings: copper and cobalt prices fall short of expectations, project expansion and construction speed fall short of expectations, and risks of overseas policy changes. Kaiyuan Securities released a research report on April 11, giving CMOC a "buy" rating. The reasons for the rating include: 1) the company released its Q1 2025 production report, with copper and cobalt production increasing YoY; 2) the company's 2024 performance hit a record high, with core products exceeding growth expectations; 3) TFM and KFM copper-cobalt mines reached full production and standards, actively exploring for reserve increases. Risk warnings: raw material price fluctuation risks; project progress falls short of expectations; policy change risks.

S&P Global recently released a report stating that metals and mining will play an increasingly important role in Saudi Arabia's future economic growth, a trend highly aligned with its "Vision 2030" strategic direction, with the core goal of reducing reliance on the oil economy. Saudi Arabia is rich in metal and mineral resources, with metals such as copper, nickel, and lithium being critical raw materials for the energy transition, while phosphate minerals are of significant importance for food security. Currently, the mining sector accounts for about 1.5% of Saudi Arabia's GDP. The report suggests that the Saudi government aims to increase the economic contribution of mining from $17 billion in 2024 to $75 billion by 2030. The report points out that the Saudi government continues to introduce relevant policies, strengthening the institutional guarantees for industry development; at the same time, through state-led mega-projects and infrastructure construction, it is expected to enhance the resilience of domestic metal and mining enterprises, alleviate cost pressures, and improve their credit status. Nevertheless, the report states that Saudi Arabia's mining and metal industries still face numerous challenges, including the complexity of regulatory and natural environments, the need for infrastructure construction, global commodity price fluctuations, and intense international competition. Industrial growth will boost domestic metal demand. The report believes that the expansion of Saudi Arabia's domestic industry is the core factor driving metal demand. "We expect that with the continued advancement of investments under the Vision 2030 plan, as well as the increase in construction, logistics, and domestic manufacturing activities, Saudi Arabia's GDP will achieve an average annual growth rate of about 4% from 2025 to 2028," the report said. The report indicates that based on the "Vision 2030" plan, the Saudi government plans to invest $40 billion annually through the Saudi Public Investment Fund (PIF) for infrastructure construction, real estate, and mega-projects such as NEOM and Diriyah Gate. In addition, the report mentions that the Saudi government has invested nearly 29 billion riyals (approximately $7.7 billion) in phosphate mining and related logistics and service projects, while planning to invest $100 billion by 2035 to develop domestic critical mineral resources. According to data from the General Authority for Statistics (GASTAT), the import cost of metal products in Saudi Arabia in 2024 is estimated to be between $20 billion and $24 billion. The report states that in the long term, these measures will help boost domestic metal demand, reduce reliance on imports, and enhance the overall operational efficiency of the industry. Against the backdrop of continuously growing global demand for base metals and critical minerals, Saudi Arabia's metal and mining industry is expected to strengthen its supply capability in the international market. However, the report also points out that the long-term development of the industry still depends on a more clear and predictable regulatory environment, especially in terms of international cooperation, contract transparency, and foreign investment in the local market, where Saudi Arabia needs continuous optimization to enhance the participation and confidence of international investors.

With the continuous recovery of the global economy and the emergence of new technologies, the demand for non-ferrous metals has surged. Particularly, aluminum, copper, and nickel, which are considered critical metals in the energy transition, will continue to play significant roles in lightweighting, computing power enhancement, and new energy transformation, with broad growth prospects. Meanwhile, niche metals like cobalt and lithium experience fluctuating demand due to technological iterations. It is important to note that geopolitical conflicts and cyclical fluctuations remain risks that miners must face. Currently, top-tier enterprises in the industry have benefited from capacity integration and technological innovation. This also indicates that future competition in the metal industry will not only be about resource acquisition but also about technological iteration and policy adaptability. At the same time, in response to the global urgent need for environmental protection and sustainable development, the non-ferrous metals industry is gradually focusing on green production, improving resource utilization efficiency through technological innovation and industrial upgrading, and contributing more to the sustainable development of the global economy. Emerging technologies are driving a significant increase in the demand for non-ferrous metals. Currently, the rapid development of green transportation, low-altitude economy, artificial intelligence (AI), and other emerging technologies has greatly boosted the demand for non-ferrous metals. Among them, aluminum, with its lightweight characteristics, has become a core material in the fields of new energy vehicles and ship lightweighting, replacing steel. Meanwhile, with the vigorous development of the photovoltaic industry and the transformation and upgrading of the construction industry, the demand for solar panel mounting brackets and construction aluminum extrusions is also rising. According to Guolian Securities, the growth rate of aluminum supply is expected to significantly pull back by 2025, and the national supply-demand gap for aluminum is projected to reach 400,000 mt and 470,000 mt in 2025 and 2026, respectively. This supply-demand gap will gradually push up aluminum prices. Copper plays the role of "new oil" in the emerging computing power era. With the continuous surge in AI computing power demand, the demand for high-speed copper cables has also increased significantly, becoming the "neural network" connecting the digital world. Additionally, nickel, as a key element in the energy transition, is increasingly widely used in the power battery sector, with a significant trend towards high nickel content. Institutions predict that by 2030, the proportion of nickel used in batteries will reach 60%. Despite the significant increase in demand for non-ferrous metals, the supply chains of metals like copper and aluminum are also facing numerous challenges. From a macro perspective, the tariff policies of the Trump administration have led to a series of trade barriers, causing related enterprises to face additional tariffs or fees and increasing market uncertainty. Additionally, geopolitical conflicts, increasingly stringent environmental regulations, and labor issues are also challenges that cannot be ignored, as these factors may cause delays or interruptions in the mining and smelting processes. CITIC Securities research reports mention that in the context of global trade conflicts, the role of policies is becoming increasingly important. With the introduction of a series of tariff policies in the US, such as the cancellation of export tax rebates for aluminum semis, it is expected to promote deep-seated changes in the domestic industry and optimize the capacity of the copper and aluminum processing industries. However, it is worth noting that tariff policies have not changed the global supply-demand relationship but have only increased the cost of entering the US market. Therefore, enterprises need to closely monitor changes in tariff policies and take corresponding measures based on actual conditions. Taking steel and aluminum as examples, the Trump administration has already imposed tariffs on steel and aluminum products from countries like China. However, since China's steel exports have significantly decreased, the impact on China is relatively small. For the aluminum industry, although the US is one of Canada's major export markets, Canada's aluminum capacity has also been affected by tariff policies. However, since US demand has not decreased, enterprises need to find new suppliers or adjust product structures to cope with changes in tariff policies. The way for miners to break through the cycle. With the deepening of global economic integration, many Chinese publicly listed mining firms have actively disclosed their overseas business situations, particularly showing strong momentum in overseas mining acquisitions. However, in the process of globalization, these enterprises face numerous risks and challenges. Political risk is the primary consideration for overseas mining investments. Since mineral resources are mostly concentrated in politically unstable underdeveloped regions such as Central Asia, Africa, and South America, this brings significant uncertainty to mining investments. Additionally, geopolitical risks cannot be ignored. For example, when Chinese enterprises control mineral resources in South America or other regions through Canada, they may be forced to withdraw due to geopolitical changes, resulting in the loss of previously invested resources. The cyclical nature of mining development is also an important factor that enterprises must face. During the growth phase of mining, enterprises can seize market opportunities and achieve substantial profits by buying low and selling high; but if the market is at a high point, a downturn may come at any time, and enterprises need to have strong risk resistance to cope with market fluctuations. The risks inherent in the metal market itself also cannot be ignored, mainly including market risk and price risk. Market risk stems from the uncertainty of demand, and enterprises may face a situation of overcapacity and insufficient market demand; price risk is closely related to the volatility of metal prices, as metal prices are influenced by various factors such as the futures market, and daily price fluctuations can pose significant challenges to enterprises. To effectively cope with these risks, mining enterprises need to adopt a series of strategies. In terms of price risk management, enterprises can fully utilize tools like the futures market for hedging and locking in future sales prices, thereby reducing the impact of price fluctuations on business operations. Meanwhile, in financial management, mining enterprises need to maintain financial stability and ensure diversified financing channels. During price decline cycles, enterprises' cash flow may be severely impacted, so maintaining sufficient liquidity is crucial. Large mining enterprises usually reserve committed bank credit lines to cope with cyclical changes and ensure access to funds at critical moments. Additionally, when dealing with price decline cycles, mining enterprises tend to broaden financing channels rather than supplementing income by diversifying business sectors like other industries. Because the core business of mining enterprises is directly related to metal prices, during price declines, other business sectors often cannot compensate for the losses of the core business. Therefore, mining enterprises need to flexibly adjust strategies according to their characteristics to navigate cycles and achieve sustainable development. Financial institutions assist mining enterprises in sustainable development. In the development of the aluminum industry, the funding gap has always been a key factor constraining industry development. Facing this challenge, close cooperation among the government, industry, and financial institutions is particularly important. As the largest bank in Singapore and Southeast Asia, DBS Bank has accumulated rich experience in the metals and mining sector and provides comprehensive financial services to related enterprises with its full range of financial products. Specifically, DBS Bank's financial services cover areas such as listing, bond issuance, project financing, trade financing, foreign exchange, and commodity futures hedging, forming a comprehensive service system. In the aluminum sector, DBS Bank has provided professional financial advisory and project financing services for several important projects. For example, the first alumina project invested by Chinese enterprises in Indonesia and the first HPAL nickel smelting project jointly invested by Chinese enterprises and Indonesian partners have both benefited from DBS Bank's deep expertise and rich experience in this industry segment. Notably, the first high-pressure acid leaching (HPAL) smelter jointly established by Chinese enterprises in Indonesia—PT Halmahera Persada Lygend. DBS Bank launched a $625 million syndicated project financing for this project. As the lead arranger of the syndicate, DBS Bank participated in the project early on, designing a feasible financing structure to appropriately address the challenges of the project development phase and the risks of benchmark price fluctuations—both inherent characteristics of smelting projects. This syndicated financing not only helped the project as the world's first successful and scaled HPAL project to land, injecting strong momentum into Indonesia's nickel industry, but also provided guarantees for Chinese enterprises to "go global" and master key strategic resources. Additionally, DBS Bank plays a pivotal role in promoting investment cooperation in non-ferrous metals between China and ASEAN countries. China and ASEAN are not only important investment partners but also close trading partners. As Asia's financial center and trade hub, Singapore can effectively provide multifaceted support and services for Chinese enterprises investing in Southeast Asia's metals and mining sectors. Leveraging its headquarters advantage in Singapore and extensive business network in Southeast Asia, DBS Bank continues to provide comprehensive financial services to meet the diversified needs of clients in the metals and mining sectors, further deepening cooperation and exchanges between China and ASEAN countries in the field of non-ferrous metals. Looking ahead, DBS Bank will continue to leverage its professional advantages to provide customized financial service solutions for mining enterprises, helping them navigate cycles and achieve sustainable development. Zhang Yongming, Managing Director and Global Head of Metals and Mining at DBS Bank.