Strong copper and gold prices are driving a sharp increase in demand for industrial explosives used in mining operations. Australian explosives and blasting service providers said copper mine expansions and new project developments are boosting order volumes across the sector. Analysts noted that AI infrastructure, electrification, and energy-transition spending are fueling a broader mining investment cycle, benefiting the entire copper supply chain. The mining services industry is expected to remain strong over the coming years as global resource demand continues rising.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,380.5/mt and then hovered at highs, touching a high of $13,449.5/mt before the center fluctuated downward. Near the end of the session, it tested a low of $13,283/mt and ultimately closed at $13,323.5/mt, down 0.51%, with trading volume at 17,000 lots and open interest at 272,000 lots, an increase of 4,370 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 103,300 yuan/mt, initially rising to 103,400 yuan/mt before the center fluctuated downward. Near the end of the session, it dipped to 102,580 yuan/mt and ultimately closed at 102,720 yuan/mt, down 0.27%, with trading volume at 37,700 lots and open interest at 197,000 lots, a decrease of 2,022 lots from the previous trading day, primarily indicating bulls reducing positions.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,039/mt, dipped to $13,012/mt early in the session before the center shifted higher, touching a high of $13,161/mt and then moving sideways at elevated levels, ultimately closing at $13,100.5/mt, up 1.17%, with trading volume at 17,700 lots and open interest at 266,000 lots, an increase of 762 lots from the previous trading day, indicating bullish position building. The most-traded SHFE copper 2606 contract was closed overnight due to the Labour Day holiday.

On April 15, a delegation from SMM Information & Technology Co., Ltd. (SMM), comprising Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Department, and Wu Tao, SMM's Copper and Tin Overseas Marketing Manager, visited CNMC Luanshya Copper Mines PLC for an on-site survey and consultation. The delegation received a warm welcome from the leadership of CNMC Luanshya. During the exchange, relevant executives of CNMC Luanshya provided a detailed introduction to the enterprise's development history, equity structure, mining-beneficiation-smelting production layout, mineral resource endowment, and daily operational management of overseas mines. They particularly highlighted that the company's core product, "CLM" brand copper cathode, completed LME registration and certification on December 27, 2023. Backed by stringent quality control, the product gained international market recognition, effectively enhancing its global circulation and core competitiveness. The SMM survey team, drawing on industry research and market tracking experience, shared insights on the copper industry's operational status in and outside China, price trends, policy environment, and upstream-downstream supply-demand patterns. During the discussion, both parties exchanged views on practical issues including international copper market dynamics, mining-beneficiation-smelting production operations, responses to raw material and finished product market fluctuations, and overseas mining management models. The communication was pragmatic and smooth, deepening mutual understanding and laying a solid foundation for ongoing regular exchanges and business collaboration. Brief Introduction to CNMC Luanshya Copper Mines PLC CNMC Luanshya Copper Mines PLC, referred to as "CNMC Luanshya" or "CLM," is a Sino-Zambian joint venture mining company restructured and established on November 10, 2009, after China Nonferrous Metal Mining (Group) Co., Ltd. (CNMC Group) participated in an international bidding process and successfully acquired the controlling stake in Luanshya Copper Mine. The company has a registered capital of $10.01 million, of which China Nonferrous Mining Corporation Limited, a subsidiary of CNMC Group, holds 80%, and Zambia Consolidated Copper Mines Investment Holdings PLC holds 20%. The company's core business covers copper resource mining, beneficiation, and smelting, with main products including copper cathode and copper concentrates, and an annual copper metal production of 50,000 mt. It is a large-scale comprehensive mining enterprise integrating geological exploration, mining, beneficiation, and smelting. The company currently holds 7 large-scale mining licenses covering a total area of approximately 130 square kilometers. It operates multiple production units and projects, including the Muliashi hydrometallurgy smelter, beneficiation plant, Luanshya New Mine, and open-pit mine, making it one of CNMC Group's largest and most complete copper enterprises in Zambia in terms of investment scale and industry chain coverage. From its establishment in 2009 through the end of 2025, the company cumulatively produced over 670,000 mt of copper metal, generated cumulative revenue exceeding $4.7 billion, achieved cumulative total profits exceeding $1 billion, and returned $220 million to shareholders, contributing 90% of GDP, 90% of tax revenue, and 70% of stable employment to the Luanshya region. is scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. You are cordially invited to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

Jinchengxin (603979) stated on an interactive platform on April 28 that the company's copper ore products saw inventory increases at year-end 2025 and in Q1 2026, mainly because the local rainy season (November to April) affected road conditions and transportation around the Dikulushi copper mine in the DRC, resulting in produced ore products not yet being sold for exports.

On Monday, April 27, a spokesperson for Southern Copper, a subsidiary of mining giant Grupo México, said the company still expected to begin mining operations at its long-delayed Tia Maria copper mine project in Peru by the end of next year. Earlier this month, after the Peruvian government approved the project to commence related activities, Southern Copper spokesperson Paul Lostaunau spoke at a mining forum. The project has faced opposition from local residents for years over water usage issues and environmental concerns. (Wenhua Comprehensive)

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,316.5/mt, touching a high of $13,329/mt early in the session. Copper prices then saw their center gradually shift lower, dipping to $13,193/mt, before fluctuating upward to ultimately close at $13,226.5/mt, down 0.47%. Trading volume reached 15,500 lots, and open interest reached 278,700 lots, an increase of 1,326 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,540 yuan/mt, touching a high of 102,660 yuan/mt early in the session, then fluctuated downward to a low of 102,050 yuan/mt, before experiencing wild swings to ultimately close at 102,280 yuan/mt, down 0.64%. Trading volume reached 35,000 lots, and open interest reached 208,000 lots, a decrease of 4,047 lots from the previous trading day, indicating bulls reducing positions.

On April 13, an SMM team, comprised of Jianhua Ye, Industry Research Director, Chundi Feng, Expert at Industry Research Institute, and Jenny Wu, Copper & Tin Overseas Marketing Manager, paid a visit to ZCCM INVESTMENTS HOLDINGS PLC (ZCCM-IH).

Zambia’s Luanshya copper mine is set to restart after nearly two decades, targeting 100,000 tonnes annually by 2030, highlighting the growing role of dormant asset restarts.

On April 13, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the Industry Research Department of SMM, and Wu Tao, Overseas Marketing Manager of SMM's Copper and Tin Division, visited ZCCM INVESTMENTS HOLDINGS PLC (ZCCM-IH). They were warmly received by Chitalu Kabalika, Industrial Metals and Minerals Investment Analyst at ZCCM-IH, Kambole Mwanakatwe, Precious Metals and Minerals Investment Analyst, among others. During this visit, both parties leveraged their respective core business strengths and conducted in-depth discussions on the compilation methodology of SMM's copper price and copper concentrates price indices, their influence on industry pricing, and the transmission mechanisms in international markets, exploring the reference value of these price indices for Zambian copper ore trade and mining project investment. Discussions also covered ZCCM-IH's copper mine asset operations, resource reserves, and capacity planning, among other topics, jointly exploring the local copper mining industry's supply-demand pattern, cost landscape, and medium and long-term development trends. In addition, both parties exchanged views on potential cooperation directions, including information sharing across the copper industry chain, joint analysis of market trends, and collaboration on ex-China mining resources. This exchange effectively connected the business synergies between both parties, deepened mutual understanding and industry consensus, and laid a solid communication foundation for subsequent positive interactions in copper industry data services, market research, and resource collaboration, as well as for exploring diversified cooperation opportunities and pursuing mutual benefits. Introduction to ZCCM INVESTMENTS HOLDINGS PLC ZCCM Investments Holdings Plc is a diversified mining investment holding company with a strategic focus on Zambia's mining and energy sectors. The group's investment portfolio covers commodities including copper, gold, amethyst, manganese, limestone, and electricity/thermal energy. VISION : "To be a world-class mining and energy investment company for the benefit of the Zambian people." MISSION : "To sustainably create tangible wealth for the Zambian people and all stakeholders." TAGLINE : "Unlocking national wealth value for all stakeholders." The above vision and mission reflect the company's renewed focus on the mining sector and the strategic theme of " Investing S.M.A.R.T.L.Y ." "SMARTLY" represents seven strategic pillars: ZCCM-IH is committed to Sustainability , deeply integrating Environmental, Social, and Governance (ESG) principles into its business model; the team proactively Managed related operations, driving portfolio and revenue growth through business Accretive value and agility; while ensuring investments are Risk mitigated , advancing projects in a Timely and efficient manner; upholding the goal of business **Longevity**, and ultimately delivering returns on investment and maximizing shareholder value (Yields). VALUES : The realization of our vision and mission is underpinned by the enterprise's deeply rooted core values. These principles guide all actions of the enterprise. The following values form the cornerstone of our corporate culture. ZCCM-IH Portfolio ZCCM-IH holds a unique strategic position in Zambia's mining and energy sectors, with core interests in both fields. The following is a list of enterprises covered by the ZCCM-IH portfolio: ZCCM-IH Growth Portfolio Future Outlook The ZCCM-IH Strategic Plan, 2020-2026 sets out the core direction for the company's development, helping the enterprise fully unlock asset value, maximize asset returns, and deliver tangible benefits to all shareholders. During this phase, the company focuses on three core strategic priorities: deepening engagement in the mining sector and advancing diversification of mineral product categories; innovating revenue generation models, developing diversified income streams, and unlocking the value of the existing asset portfolio; and strengthening operational management and financial control capabilities to build and continuously enhance long-term core shareholder value. The company is deeply committed to social responsibility, dedicated to creating sound and compliant business performance, sustainable development outcomes, and social benefits for shareholders, local communities, and Zambia as a whole. Leveraging the comprehensive strengths accumulated through over fifty years of deep engagement in the mining industry, combined with a professional and experienced core team, the company is expected to continue driving the implementation of its strategic plans and sustained growth, while consolidating existing development achievements. Scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. You are welcome to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn