SMM News, April 17: On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department at SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert at the SMM Industry Research Department, and Wu Tao, SMM Copper & Tin Ex-China Marketing Manager, visited the Zambia Chamber of Mines (ZCM), where they received a warm welcome from the leadership of the association. During the visit, the two sides engaged in in-depth discussions on topics including SMM copper prices, the SMM copper concentrates price index, the current status of Zambia's copper mines, and future development prospects. The exchange further deepened mutual trust and consensus between the two sides, laying a solid foundation for deepening cooperation and achieving mutual benefits going forward, and facilitating higher-quality collaborative development in the copper mining and broader mining sectors. Introduction to the Zambia Chamber of Mines Full Name Zambia Chamber of Mines (ZCM) Nature of the Organization The Zambia Chamber of Mines is a voluntary industry association registered by various large and small mining companies and related industry enterprises operating in Zambia. It is governed by its constitution, with a council composed of representatives of member companies serving as its decision-making body. History • Officially established in September 1942, formerly known as the "Northern Rhodesia Chamber of Mines" • Replaced by the Copper Industry Service Bureau (CISB) in 1965 • Operations suspended in 1973 due to the nationalization of the mining industry • Reconstituted and resumed operations following the privatization of Zambia's mining assets in 2000 Core Mission "To safeguard the interests of members, local communities, the nation, and all stakeholders while promoting sustainable and responsible mining development." Membership Categories Members are classified into four categories (A, B, C, and Associate Members), based on the type of mining license held, covering large mines, small mines, exploration enterprises, and mining service organizations. Core Functions • Representing the Zambian mining industry and coordinating communication with the government, regulatory bodies, and international organizations. • Promoting sustainable development, compliance, and responsible mining practices in the mining sector. • Joined the Zambia Extractive Industries Transparency Initiative (ZEITI) in 2008; Zambia achieved EITI compliance in 2012, committed to enhancing transparency and accountability in mining resource development. • Facilitating industry skills development, safety standards building, and international exchanges in the mining sector. Scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. You are welcome to participate! Contact Person : Wu Tao: 18270916376 jennywu@smm.cn

Industrial metal prices on the London Metal Exchange (LME) surged to a record high, driven by rising aluminum prices after the Middle East war disrupted supply, as well as a recent recovery in copper prices. The LME Index, which tracks six major metals, rose nearly 12% over the past four weeks and hit an all-time high at Thursday's close , gaining 3.6% this week. Aluminum prices have risen about 15% since the outbreak of the Iran war, with approximately 9% of global aluminum production coming from the Middle East. Aluminum carries the largest weighting in the index, and together with copper, the two metals account for nearly three-quarters of the index's weighting. JPMorgan warned that the aluminum industry is heading toward a "black hole," and even if flows through the Strait of Hormuz resume, "the global aluminum market will face severe and prolonged supply disruptions." This week, the bank told clients that the market has now entered a void, and aluminum prices could break through $4,000 per mt, as the industry is set to face the largest supply deficit in 25 years. Aluminum hit a record high of $4,073.50 per mt in 2022, when the Ukraine conflict triggered a similarly severe supply shock. Aluminum supply losses escalated sharply after Iran directly attacked two major smelters in Abu Dhabi and Bahrain at the end of last month, and a severe and lasting supply deficit is hitting the market. The dual blockade of the Strait of Hormuz by the US and Iran has also hindered transportation of goods. However, despite the waterway remaining closed, hopes that the US-Iran ceasefire will be extended, along with signs that both sides may be moving toward a peace deal, have provided support for other metals. These metals had previously been hit by surging energy costs and concerns that the war would slow down global growth, but rebounded recently on signs that the conflict may be nearing an end. Trump claimed on Thursday, without any evidence, that Iran had agreed to terms it had long resisted, including abandoning its nuclear weapons ambitions. Tehran has not confirmed that it has made concessions. Mercuria Energy Group and BMO Capital Markets predicted this week that copper prices will surpass the record high set in January. They noted that Chinese buyers are returning to the market, and the White House's upcoming tariff decision is also encouraging more exports to the US. Copper prices have risen 11% over the past four weeks, just about 3% below their record closing price. (Jin10 Data)

On April 16 (Thursday), the DRC, through a state-backed marketing agency, increased the volume of copper it plans to sell to the US to 500,000 mt, a fivefold increase from its initial commitment in January. As first reported by Semafor, the deal was led by state-owned mining company Gécamines, with sales conducted through a joint venture with Mercuria Energy Group and backed by the U.S. International Development Finance Corporation. The deal aimed to sell copper produced from Gécamines' minority stakes in major operations including Kamoto Copper Company and Tenke Fungurume Mining. The expanded agreement underscored the DRC's growing influence in the global copper market while intensifying competition for control over critical minerals supply chains. The Kinshasa government is seeking to convert passive shareholdings into direct revenue and gain greater commercial control. Gécamines has been working to convert its stakes in some of the country's largest mines into physical copper that can be sold independently. Its holdings include Glencore's Kamoto Copper Company and Tenke Fungurume, operated by Chinese enterprises — one of the world's highest-grade copper-cobalt deposits. Although the partnership aimed to enhance transparency and control, Mercuria remained the seller of record while Gécamines established its internal trading division. Analysts noted that this transformation required substantial investment in financing, insurance, and risk management, as well as access to physical markets. The DRC's copper production surged to 3.5 million mt in 2025, consolidating its position as the world's second-largest supplier after Chile. The production growth was driven by record copper prices and surging demand fueled by the expansion of EVs, renewable energy, and data centers. (Wenhua Composite)

SMM, April 17: Metals market: As of the midday close, base metals on the domestic market rose nearly across the board. SHFE copper fell 0.14%. SHFE aluminum rose 0.67%. SHFE lead fell 0.39%, and SHFE zinc rose 0.68%. SHFE tin rose 0.34%, and SHFE nickel rose 2.05%. In addition, the continuous contract for casting aluminum futures edged up slightly, and the alumina continuous contract rose 0.68%. The lithium carbonate continuous contract rose 1.84%. The silicon metal continuous contract rose 0.71%. The polysilicon continuous contract fell 0.78%. Ferrous metals mostly rose. Iron ore rose 0.06%, rebar rose 0.45%, hot-rolled coil rose 0.24%, and stainless steel rose 2.34%. Coking coal and coke: the most-traded coking coal contract fell 0.45%, and the most-traded coke contract fell 0.62%. Overseas base metals, as of 11:40, LME metals showed mixed performance. LME copper fell 0.09%. LME aluminum fell 0.25%, LME lead rose 0.51%, and LME zinc rose 0.25%. LME tin fell 0.31%. LME nickel rose 1.61%. Precious metals, as of 11:40, COMEX gold rose 0.14%, and COMEX silver rose 0.37%. Domestic precious metals: the SHFE gold continuous contract fell 0.38%, and the SHFE silver continuous contract fell 0.91%. In addition, as of the midday close, the platinum continuous contract fell 1.94%, and the palladium continuous contract fell 1.7%. As of the midday close, the most-traded Europe containerized freight index contract rose 4.85%, closing at 2,095 points. As of 11:40 on April 17, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 250 yuan/mt, up 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 170 yuan/mt, up 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 110 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,040 yuan/mt, down 505 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,455 yuan/mt, down 350 yuan/mt from the previous trading day... Macro Front China: [NDRC: This Year Will Focus on Launching a Series of Actions to Expand Effective Investment in Areas Such as "AI+" Infrastructure] The State Council Information Office held a press conference on the morning of April 17 under the series theme of "Getting Off to a Good Start for the 15th Five-Year Plan." Wang Changlin, Deputy Director of the National Development and Reform Commission (NDRC), stated that this year the focus will be on areas such as "AI+" infrastructure, urban renewal, the national water network, and new-type energy systems, launching a series of actions to expand effective investment and promote the optimization of supply structure and the expansion of market demand. In terms of institutional and mechanism innovation, we will comprehensively carry out "soft construction" work in central government investment projects to promote the formation of long-term mechanisms for project construction, implementation, operation, and maintenance. At the same time, we will leverage the role of the national venture capital guidance fund to guide and drive social capital in supporting technological innovation and the development of emerging industries. Wang Changlin stated that recently, in response to the impact of changes in the international situation on China's oil and gas imports, the government has adopted comprehensive measures to effectively ensure sufficient domestic oil product supply and stable market operations, fully demonstrating the achievements of China's new-type energy system construction. Going forward, efforts will be made to accelerate the high-quality development of non-fossil energy, coordinate centralized and distributed clean energy development, and make every effort to increase the scale of non-fossil energy power production and consumption. Through the above efforts, it is expected that by 2030, the supply scale of non-fossil energy will increase significantly compared to 2025, and by 2035, it will double compared to 2025. [NDRC: Efforts to Expand Effective Domestic Demand, with a Plan to Formulate the 2026–2030 Implementation Plan for the Strategy of Expanding Domestic Demand] The State Council Information Office held a press conference in the series of "Getting Off to a Good Start in the 15th Five-Year Plan," introducing the relevant situation of promoting high-quality economic and social development during the 15th Five-Year Plan period. Wang Changlin, Deputy Director of the NDRC, stated that since the beginning of this year, the economy has shown positive changes, with notable improvements on both the supply and demand sides, better playing the role of a stabilizer for the global economy, and performing better than the expectations of many institutions and experts in and outside China. Going forward, efforts should focus on five key areas of work. [Pan Gongsheng: Implementing a Moderately Accommodative Monetary Policy and Measures to Boost Consumption] Pan Gongsheng stated that during the 15th Five-Year Plan period, China will adhere to a domestic demand-driven approach, implement policy measures to boost consumption, vigorously develop the service sector, closely integrate investment in physical assets with investment in human capital, promote productivity growth, accelerate green transformation and sustainable development, unswervingly advance high-level opening-up, and drive high-quality development. The People's Bank of China will implement a moderately accommodative monetary policy, support Chinese-style modernization with high-quality financial services, and contribute China's strength to global economic growth. (People's Bank of China) [MIIT and Four Other Departments Jointly Issue the Guidelines for Green Design of Industrial Products (2026 Edition)] MIIT and four other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines adapt to new changes and requirements in the green and low-carbon development landscape in and outside China, build consensus on green design across industries, and specify 11 key directions, namely long-life design, non-toxic design, lightweight design, energy-saving design, water-saving design, material-saving design, noise reduction design, space-saving design, easy-to-recycle-and-regenerate design, reusable design, and zero-carbon design. TheThe Guidelines further closely integrate 11 green design priority areas with practical industry applications, using 15 key industries as typical examples to develop 126 detailed solutions, guiding product R&D personnel in practicing green design concepts and methods. (MIIT WeChat) [PBOC reverse repo operations achieve net withdrawal of 1.5 billion yuan on the day] The PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 2 billion yuan of 7-day reverse repos matured today, a net withdrawal of 1.5 billion yuan was achieved on the day. This week, the PBOC conducted a total of 3 billion yuan of 7-day reverse repo operations. As a total of 3.5 billion yuan of 7-day reverse repos matured this week, a net withdrawal of 500 million yuan was achieved for the week. (Jin10 Data) On the US dollar front: As of 11:40, the US dollar index rose 0.04% to 98.24. StoneX analyst Matt Simpson said in a research note that, based on technical analysis, the US dollar index may edge up in the short term. On Thursday, the 200-day simple moving average formed a "mildly bullish" pattern, and the two-day relative strength index was in extremely oversold territory. However, there are multiple resistance levels, including the 200-day exponential moving average at 98.44 that bulls need to test — or a level that bears need to watch for signs of reversal to reopen a broader bearish trend. Data shows the US dollar index is currently holding near the 98.249 level. (Jin10 Data) On the data front, US initial jobless claims fell last week, indicating that labour market conditions remained stable, even as employers remained cautious about hiring new workers as the Middle East conflict cast a shadow over the economy. The latest data showed US initial jobless claims for the week ending April 11 fell by 11,000 to 207,000, below market expectations of 215,000. Initial jobless claims this year have remained within the range of 201,000 to 230,000. While layoffs remain low, the oil price shock from a potential US-Israeli war against Iran may have hindered hiring. Economists said the labour market was already in a state of stagnation before the war broke out, attributable to the uncertainty brought by Trump's sweeping import tariffs and mass deportations. Economists said the Middle East conflict is just another layer of uncertainty facing enterprises. (Jin10 Data) US Fed Governor Miran said that, given the inflation situation that existed before the Middle East conflict, he may again lower his expectations for interest rate cuts this year. Miran said: "If I were to write my dot on the dot plot now, I would lean toward 3 interest rate cuts, possibly 4. I haven't decided yet."In March, Miran expected four 25-basis-point interest rate cuts this year, but he noted that the pace of rate cuts could slow down if price trends became "less favorable." According to the CME "Fed Watch": the probability of the US Fed raising interest rates by 25 basis points in April was 0.5%, while the probability of keeping rates unchanged was 99.5%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.4%, the probability of keeping rates unchanged was 98%, and the probability of a cumulative 25-basis-point rate hike was 0.5%. (Jin Shi Data) Data: The eurozone February seasonally adjusted current account and eurozone February seasonally adjusted trade balance data are to be released today. Also worth watching: 2027 FOMC voter and San Francisco Fed President Daly is scheduled to deliver a speech. Crude oil: As of 11:40, oil prices on both markets declined, with WTI crude down 1.25% and Brent crude down 1.02%. US President Trump, speaking to the media on the White House South Lawn on the 16th, said the US might hold another round of face-to-face negotiations with Iran this weekend, adding that he would consider heading to Pakistan to sign the deal if a peace agreement were reached between the US and Iran. Trump said he hoped to reach a permanent ceasefire peace agreement before the two-week temporary ceasefire agreement with Iran expires, without having to extend it. (Xinhua News Agency) Spot market overview: ► ► ► ► ► ► ► ► ► ► ►

[SMM Copper Wire and Cable News] This week, the SMM copper wire and cable enterprise operating rate was 69.43%, up 0.95 percentage points WoW. The stabilization in operating rates was mainly driven by orders from top-tier enterprises, while small and medium-sized enterprises continued to underperform. The power sector provided notable support, with steady demand from computing power, AI, and new energy sectors. Looking ahead to next week, high copper prices are expected to suppress new orders, and as earlier backlog orders are gradually completed, the operating rate is expected to pull back slightly. However, State Grid's successive order placements will provide support, and SMM expects the operating rate to decline 0.57 percentage points WoW to 68.86%.

[SMM Copper Wire and Cable Inventory] Regarding copper wire and cable inventory this week, enterprises' raw material procurement remained driven primarily by rigid demand. Some enterprises held bullish expectations for subsequent copper prices and restocked in small quantities across multiple batches at relatively low price levels, resulting in a 1.08% WoW increase in raw material inventory. On the finished product side, some clients also had bullish sentiment, and coupled with State Grid placing orders and picking up goods, finished product inventories decreased slightly by 1.74%.