[SMM Aluminum Price Weekly Review: Two Major Factors Boosted Market Confidence, Short-Term Aluminum Price Maintained Consolidation on a Strong Note]

On July 30 China's steel export prices were broadly weaker. Flat-product export prices edged down 2-3 USD/tonne day on day, with HRC transactions at 482-486 USD/tonne; domestically the meeting released no favourable news and futures fell sharply, and while overseas enquiries picked up somewhat, sentiment stayed largely wait-and-see, with price cuts unable to secure large volumes so export offers were lowered only modestly. Billet export offers at Jiangyin port were soft but steady at 450-455 USD/tonne FOB, as ferrous futures broke below the support level the market had expected and traders' willingness to hold prices firm waned, while overseas customers largely prefer buying on rallies rather than on dips. Rebar export prices at Tianjin port slipped 1 USD/tonne to 476-481 USD/tonne on transactions, with offers divided: some mills cut by 2-3 USD/tonne and drew only a few enquiries without concluding deals, while others opted to hold firm and kept prices flat.

On July 30, Chifeng Gold's stock price fell. By the close on July 30, Chifeng Gold had dropped 1.82% to 37.17 yuan/share. Chifeng Gold disclosed on July 30 a notice regarding the updated resource estimate for the SND project of the Laos Sepon gold-copper mine, stating: Its controlling subsidiary, LaneXang Minerals Limited Company, completed the first-phase resource exploration work for the SND gold-copper project by the end of June 2025, and SRK Consulting (China) Ltd. issued a "Mineral Resource Estimate Report for the Sepon SND Gold-Copper Project" compliant with the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" on August 7, 2025. Based on this, the company released its initial resource estimate. For details, please refer to the "Notice on Initial Resource Estimate for the SND Project of the Laos Sepon Gold-Copper Mine" (Notice No.: 2025-046) disclosed on August 8, 2025. In late June 2026, the exploration team of Vientiane Mining completed the second-phase drilling work for the SND gold-copper project. On July 30, 2026, Snowden Optiro issued an updated mineral resource estimate report compliant with the JORC Code. This report supersedes the initial mineral resource estimate report. Compared with the initial estimate, the gold equivalent metal content increased from 107 mt to 260 mt, up approximately 143%. The mineral resource estimate disclosed by Chifeng Gold shows: This mineral resource estimation work was completed by the exploration department of Vientiane Mining and reviewed by the independent international mining consultancy Snowden Optiro, using all drill holes completed by the end of May 2026 and all assay data received before July 10, 2026. The review scope covered data quality control and assurance, database update and verification, geological interpretation and modeling, mineralization domain delineation, ore bulk density zoning and interpolation, block model construction, geostatistical kriging neighborhood analysis, grade interpolation, model validation, resource classification, and technical report compilation. The review conclusion of Snowden Optiro's geologist (JORC Competent Person) on the SND mineral resource estimation work was: This resource estimation meets industry standards, has no significant data issues or errors, and is suitable for public disclosure. The effective date of this report is July 30, 2026. Based on the underground sublevel caving mining method, stope optimization was conducted to determine the potential mining area, constrained by a cut-off grade of 0.4 g/t gold equivalent. Indicated resources total approximately 170 million mt, with an average grade of 0.55 g/t gold and 0.26% copper, containing 96 mt of gold metal and 450,000 mt of copper metal. Inferred resources total approximately 190 million mt, with an average grade of 0.39 g/t gold and 0.19% copper, containing 76 mt of gold metal and 360,000 mt of copper metal. Total resources amount to approximately 360 million mt, with a gold equivalent grade of 0.47 g/t, containing 170 mt of gold metal and 810,000 mt of copper metal, and the gold equivalent metal content is approximately 260 mt. The resource estimate is summarized in the following table: The risk warning disclosed by Chifeng Gold indicates: The SND gold-copper project remains in the exploration stage. The resource estimate in this notice is based on certain assumptions and judgments, contains forward-looking statements, and does not constitute any substantive commitment or investment advice. Investors are advised to be aware of investment risks. In terms of performance: Chifeng Gold disclosed its semi-annual performance forecast on the evening of July 14, showing that, based on preliminary calculations by the financial department, net profit attributable to shareholders of the publicly listed firm is expected to range from 1.70 billion yuan to 1.78 billion yuan for the first half of 2026, an increase of 593.1 million yuan to 673.1 million yuan, or up 54% to 61% YoY, compared with 1.1069 billion yuan in the same period last year. Net profit attributable to shareholders after deducting non-recurring items is expected to range from 1.71 billion yuan to 1.79 billion yuan, an increase of 598.09 million yuan to 678.09 million yuan, or up 54% to 61% YoY, compared with 1.11191 billion yuan in the same period last year. Regarding the main reasons for the performance change, Chifeng Gold stated: The significant YoY growth in net profit attributable to shareholders and net profit after deducting non-recurring items for the first half of 2026 was mainly driven by the sharp rise in gold prices compared to the same period last year, with the average gold selling price up approximately 43% YoY, coupled with the company's continuous efforts to strengthen production organization and operational management, which boosted performance for the period. Regarding its main business, Chifeng Gold introduced in its 2025 annual report: The company belongs to the non-ferrous metal ore mining and beneficiation industry, with main products including precious metals such as gold and non-ferrous metals such as copper cathode. Its core business is gold mining, beneficiation, and sales, while also engaging in multi-metal mining, beneficiation, and comprehensive resource recycling. The company operates 6 gold mines and 1 multi-metal mine globally, with a business footprint covering China, Southeast Asia, and West Africa. Among them, domestic subsidiaries Jilong Mining, Wulong Mining, Huatai Mining, and Jintai Mining focus on gold mining and beneficiation; Hanfeng Mining focuses on multi-metal mining and beneficiation of zinc, lead, copper, and molybdenum; its controlling subsidiary, Laos Vientiane Mining, mainly engages in gold mining, beneficiation, and copper metal mining and smelting; its controlling subsidiary, Ghana-based Wasa, mainly engages in gold mining and beneficiation. Additionally, its controlling subsidiary Guangyuan Technology is deeply involved in comprehensive resource recycling, focusing on environmental protection businesses such as dismantling waste electrical and electronic equipment. Pacific Securities commented on May 7 on Chifeng Gold's evolution, showing: Multiple project technological transformations combined with routine maintenance led to a YoY decline in mined gold production. In 2026Q1, the company's mined gold production was 2.98 mt, down 10.7% YoY and 21.7% MoM, achieving 20% of the annual target. The production decline was mainly due to factors including multiple project technological transformations and routine maintenance. Specifically: Jilong Mining's hoist underwent a modification from single-rope to multi-rope, and Wulong Mining conducted renovation works on multiple blind shafts, both of which temporarily restricted ore extraction capacity; the beneficiation plant at the Laos Sepon gold-copper mine underwent annual large-scale routine maintenance, coupled with planned downtime maintenance for one of its high-temperature oxygen autoclaves, leading to a YoY decline in ore processing volume. Rising tax rates combined with declining production led to an increase in unit sales costs. The expense ratio remained relatively stable, while the asset-liability ratio continued to decrease. In 2026Q1, the company's ROE was 6.9%, up 2.5 pct YoY; the period expense ratio was 5.9%, down 0.6 pct YoY and up 0.1 pct MoM. As of 2026Q1, the company's asset-liability ratio was 29.4%, down 9.3 pct YoY and 4.5 pct MoM. Risk warning: wild swings in prices, cost side overshoot, and project progress delays.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 30 Jul , 2026

SMM July 30 News: In the metals market: As of the midday close, domestic base metals generally rose. SHFE copper edged up, SHFE aluminum rose 1.03%. SHFE lead fell 0.25%. SHFE zinc edged down. SHFE tin gained 0.49%. SHFE nickel rose 0.28%. Besides, the most-traded cast aluminum futures rose 0.63%, the most-traded alumina futures fell 1.94%. The most-traded lithium carbonate futures fell 1.76%. The most-traded silicon metal futures fell 0.31%. The most-traded polysilicon futures continued the decline from the previous two trading days, falling another 1.57%. Ferrous metals mostly fell. Iron ore fell 2.16%, rebar fell 1.43%, hot-rolled coil fell 1.06%. Stainless steel rose 0.28%. In terms of coking coal and coke: the most-traded coking coal contract fell 1.33%, the most-traded coke contract fell 1.17%. In the overseas base metals market, as of 11:38, LME metals almost all rose. LME copper, LME aluminum, LME lead, and LME zinc all gained within 0.5%. LME tin rose 0.6%. LME nickel fell 0.38%. In the precious metals market, as of 11:38, COMEX gold rose 0.34%, COMEX silver fell 0.84%. In the domestic precious metals market: SHFE gold rose 0.43%, the most-traded SHFE silver contract rose 0.16%. Besides, as of the midday close, the most-traded platinum futures fell 0.98%, the most-traded palladium futures fell 0.99%. As of the midday close, the most-traded European container freight index futures fell 2.68% to 1,688 points. As of 11:38 on July 30, some midday futures market conditions: Spot and Fundamentals Aluminum: During the morning session, the center of the SHFE aluminum 2608 contract was higher than the same period of the previous trading day. The rise in aluminum prices significantly dampened market purchasing sentiment. On the day, some suppliers quoted at parity with the SHFE aluminum 2608 contract, with market acceptance remaining weak. The mainstream transaction price was mainly from SHFE aluminum 2608 contract at a discount of 10 yuan/mt to parity... Macro Front Domestically: [National Energy Administration: H1 China's renewable energy power generation share exceeded 40% for the first time] According to the press conference of the National Energy Administration, in H1, China's renewable energy developed rapidly, with power generation accounting for over 40% of total power generation for the first time. In H1, national renewable energy power generation was nearly 2 trillion kWh, up about 9% YoY, accounting for 41.2% of total power generation, exceeding 40% for the first time. Among them, wind and solar power generation totaled 1.25 trillion kWh, up 9.3% YoY. In terms of installations, China's renewable energy new installations reached 117 million kW in H1, accounting for 73.9% of total new installations, continuing to hold the dominant position. As of the end of June, China's renewable energy installations reached 2.455 billion kW, accounting for over 60% of China's total installed capacity. (CCTV News) [China's coal-fired power generation share of total power generation fell below 50% for the first time in H1] It was learned from a press conference held by the National Energy Administration today that the pace of China's green and low-carbon energy transition accelerated in H1. As of the end of June, the combined installed capacity of wind and solar power reached 1.95 billion kW, up 16.8% YoY. In terms of power generation, total wind and solar power generation exceeded 1.2 trillion kWh in H1, accounting for roughly one-quarter of total electricity consumption. Meanwhile, China's coal-fired power generation was 2.5 trillion kWh, with its share of total power generation dropping to 49.7%, marking the first time the share fell below 50% in H1. (CCTV News) The PBOC conducted a 270.5 billion yuan 7-day reverse repo operation in the open market at an operation rate of 1.40%, unchanged from the previous operation. Meanwhile, it conducted a 600 billion yuan overnight reverse repo operation. Today, 804 billion yuan of reverse repos matured. > On July 30, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 6.7892 yuan per US dollar. The US dollar: As of 11:38, the US dollar index rose 0.12% to 100.94. On Wednesday, July 29 (ET), the US Fed announced after the FOMC meeting that the target range for the federal funds rate would remain unchanged at 3.50% to 3.75%. To date, after cutting rates at three consecutive meetings through the end of last year, the FOMC has stood pat at all five monetary policy meetings since the start of 2026. The decision was in line with market expectations. (From Wallstreetcn APP) Fed Chairman Warsh reiterated at the start of the press conference that the Fed is firmly committed to achieving its 2% YoY inflation target. Warsh stated that the committee would unwaveringly pursue price stability. Given the current environment of heightened uncertainty, refraining from providing forward guidance is a "prudent" approach. He stressed to reporters that the Fed has no so-called "soft inflation target" or any other implicit target; the sole inflation goal is 2%. Regarding the overall economy, Warsh said the US economy has shown "impressive resilience," and while it has faced a series of shocks recently, the overall trend remains positive. (Jin10 Data APP) According to CME "FedWatch": The probability of the Fed keeping rates unchanged by September is 36.8%, the probability of a cumulative 25-basis-point rate hike is 63.2%, and the probability of a cumulative 50-basis-point hike is 0% (These probabilities were 17.8%, 60.2%, and 22% before the Fed decision, respectively.)The probability of the US Fed keeping rates unchanged through October is 26.2%, while the probabilities of cumulative rate hikes of 25 bps, 50 bps, and 75 bps are 55.6%, 18.2%, and 0%, respectively (versus 11.9%, 46.1%, 34.7%, and 7.3% before the Fed decision). (Jin10 Data APP) A CICC research report noted that the US Fed kept rates unchanged at its July meeting, but hawkish sentiment within strengthened further as three voting members supported a 25 bps rate hike. We believe the greatest change from this meeting was not the rate decision, but rather Fed Chairman Warsh’s attempt to reduce policy intervention and rely more on a spontaneous rise in market rates to tighten financial conditions, outsourcing part of the tightening function to the market. However, against the backdrop of inflation persistently exceeding the target, this approach could easily undermine market confidence in the Fed’s policy credibility. After the meeting, long-end US Treasury yields surged and the curve steepened notably, likely reflecting investors beginning to price in higher long-term inflation and policy risks. Looking ahead, we believe that if employment or inflation data exceed expectations, the market will not only further raise expectations for a September rate hike, but may also price in the risk of the Fed acting “too late.” Long-end rates could rise further, and risk assets would face greater adjustment pressure. T. Rowe Price Chief US Economist Blerina Uruci said that, assuming oil prices do not spike and inflation trends lower, the Fed could keep rates unchanged at its September meeting. She said in a report that, given the number of dissent votes at Wednesday’s FOMC meeting and oil price uncertainty, market expectations for the September rate decision reflect a roughly 50-50 chance. The market will continue to pressure the Fed and may not back down until inflation data forces it to act, maintaining the view that the Fed will keep rates unchanged. The US core CPI data for June did not influence the Fed’s decision, she added, noting that Warsh is watching this trend and that “with a bit of luck, this trend could play in his favor in a few months.” DBS Group Research Senior FX Strategist Philip Wee said in a commentary that the US dollar could be weighed down by the divergence in forward guidance between the Fed and other central banks. By removing forward guidance and keeping rates unchanged, Fed Chairman Warsh has brought the Fed into a monetary “mirror maze,” resulting in volatile consequences. Warsh has left the US market “groping in the dark.” In contrast, the European Central Bank has been more unified in signaling a rate hike in September, which gives the euro a clear comparative advantage. If the Bank of England defies the broad consensus of holding rates steady and unexpectedly hikes later today, the pound is likely to appreciate. (Jin10 Data APP) Other currencies: [Data Dove, Market Hawk: Bank of England Faces Policy Signal Test on Thursday] Rate futures markets are firmly betting on a Bank of England rate hike in November. The BoE will announce its rate decision, meeting minutes, and latest economic forecasts on Thursday, followed by a press conference from Governor Bailey. Most economists surveyed by Reuters expect the MPC to keep rates unchanged 7-2, holding steady throughout the year. Previously, UK CPI fell to a 15-month low in June, while private sector wage growth was the weakest since 2020. The government led by new Prime Minister Andy Burnham has prioritized tackling the cost-of-living crisis, announcing the removal of VAT on household electricity bills. Almost no fundamentals side logic supports a Bank of England rate hike. However, rate futures data on Wednesday pointed to a 25bp hike in November and another in March 2027. Data: Today will see the release of US initial jobless claims for the week ending July 25, US core PCE price index YoY for June, US personal spending MoM for June, US Q2 real GDP annualized QoQ advance, US Q2 real personal consumption expenditures QoQ advance, US Q2 core PCE price index annualized QoQ advance, US core PCE price index MoM for June, Eurozone Q2 GDP YoY advance, Eurozone June unemployment rate, Eurozone July industrial confidence index, Eurozone July economic sentiment index, France Q2 GDP YoY advance, Swiss July KOF leading indicator, UK Bank Rate decision, Germany Q2 non-seasonally adjusted GDP YoY advance, and Germany July CPI MoM advance. Crude oil: As of 11:38, both crude oil benchmarks were down, with WTI down 1.04% and Brent down 1.15%. Although the Middle East conflict has continued to escalate, data shows tankers are still leaving the region. Kpler shipping data showed 37 cargo ships passed through the Bab el-Mandeb Strait on Tuesday, the highest since July 19, while only a few passed through the Strait of Hormuz. Among the vessels passing through the strait, 20 entered and 17 departed. There were no VLCCs or LNG carriers. Among the departing vessels, three Aframax tankers were laden with crude oil: the Aisopos and Gustav, carrying over 750,000 barrels of crude, were heading to the Gulf of Aden, while the Karachi, with about 430,000 barrels, was bound for Pakistan. Among the inbound ships, two carried petrochemical products: the Velos Aquarius delivered 345,000 barrels of MTBE to areas west of the Suez, and the Sea Ambition shipped nearly 93,000 barrels of chemicals to Turkey. (Jin10 Data APP) The UAE's Abu Dhabi National Oil Company (Adnoc) is continuing to export LNG from its Persian Gulf facilities, despite renewed conflict in the region forcing producers to limit shipments through the Strait of Hormuz. According to shipping data, an empty LNG carrier owned by Adnoc appeared in the Persian Gulf on Wednesday. The voyage is a rare occurrence, as visible traffic in the strait has largely halted since the attack on a Qatari LNG vessel earlier this month. Meanwhile, satellite images show ongoing cargo loadings, and on Friday an oil tanker was docked at the UAE's Das Island export terminal. These developments underscore that, despite the breakdown of US-Iran peace talks leading to tanker attacks near the strait, fuel exporters are still striving to maintain normal shipping operations. (Jin10 Data APP) Government data released by the US Energy Information Administration on Wednesday showed that commercial crude oil inventories plunged by 7.2 million barrels last week, while the Strategic Petroleum Reserve (SPR) decreased by 3.8 million barrels to 307.7 million barrels, the lowest level in over 40 years. Meanwhile, US refinery capacity utilization rate has climbed to 97%, with some areas in the Midwest running at full 100% capacity. The direct trigger for this sharp inventory drawdown was the renewed military conflict between the US and Iran over the past week. The ongoing US-Iran hostilities have severely restricted tanker traffic through the Strait of Hormuz, and supplies of oil and petrochemical products from the Middle East face ongoing disruptions. (from Wall Street CN APP) On July 29 local time, Farhan Haq, Deputy Spokesman for the UN Secretary-General, said at a regular press briefing at UN Headquarters in New York that the recent fighting in the Middle East is showing a trend of further escalation. UN Secretary-General António Guterres is deeply concerned about the escalation of the conflict and the involvement of more countries, and called on all parties concerned to cease hostilities and return to diplomatic negotiations and mediation. Responding to a question about a drone attack on a natural gas storage facility at Egypt's Damietta port, Haq said the UN does not have first-hand information on the incident, but expressed concern that as the conflict continues, more countries could be affected. (CCTV News) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

On July 30, Chengtun Mining’s share price declined. As of 13:22 on the 30th, Chengtun Mining was down 5.03% at 10.2 yuan per share. On the news front: Chengtun Mining’s 2026 semi-annual report released on July 30 showed that in H1 2026, the company achieved total operating revenue of 19.264 billion yuan, up 39.56% YoY; net profit attributable to shareholders of 1.804 billion yuan, up 71.37% YoY; and net profit after deducting non-recurring items of 1.913 billion yuan, up 64.63% YoY. Regarding its core business, Chengtun Mining stated in its semi-annual report that the company was committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focused primarily on copper, nickel, cobalt, and gold, with its main business types being energy metals, base metals, metal trading, and others. Chengtun Mining’s semi-annual report showed that in H1 2026, the company’s DRC copper-cobalt segment delivered stable output, with copper production reaching 132,200 mt in metal content, of which Brother Mining (BMS) achieved copper production of 74,400 mt in metal content. BMS’s specialized energy management system took shape. The Kalongwe project advanced in a coordinated manner in optimizing the production system and engineering construction; multiple technological transformation initiatives reduced material consumption, and optimized reuse of return water lowered energy consumption and enabled refined cost control. The copper-cobalt smelting projects CCR and CCM maintained stable production and operations. The company also carried out exploration in prospective areas and extension-style resource M&A to strengthen the foundation for sustainable development. In the Indonesia nickel segment, Youshan Nickel maintained stable production and operations amid global nickel market price consolidation, achieving operating revenue of 1.663 billion yuan; by improving management, optimizing processes, and strengthening industry-chain synergies, it successfully withstood market shocks. Phase I capacity of the Guizhou project was gradually released, process flows became increasingly mature, and product quality improved steadily; Phase II of the project carried out trial production. Huajin Mining operated steadily, achieving gold sales of 156.31 kg and operating revenue of 145 million yuan. During the reporting period, operating revenue from production and manufacturing was 18.756 billion yuan, accounting for 97.36% of the company’s total revenue, up 2.92 percentage points YoY, and it continued to maintain high-quality operations. Regarding the status of its core businesses, Chengtun Mining’s semi-annual report showed: 1. Energy Metals Business. During the reporting period, the company’s energy metals business achieved revenue of 14.543 billion yuan, with a gross margin of 27.03%, basically in line with the gross margin in the same period last year. In H1 2026, output of copper products was 133,200 mt in metal content, cobalt products 3,700 mt in metal content, and nickel products 21,200 mt in metal content. ( 1) Copper-Cobalt Segment ① During the reporting period, the company’s DRC copper-cobalt segment delivered stable output, with copper production reaching 132,200 mt in metal content, of which Brother Mining achieved 74,400 mt in metal content. The company addressed power shortage issues through a multi-type energy mix, building a modern energy system that is specialized, intensive, and integrated, driving synchronized growth in operating efficiency and scale effects. ② Dali Sanxin actively advanced mine construction and aimed to achieve trial production in Q4. At present, land and other related procedures had been completed, shaft construction was basically completed, and surface civil works construction was being actively advanced. ③ In April 2026, the company disclosed that it planned to acquire a 50% equity interest in Nkoyi Leopard Mining and Investment Limited to indirectly obtain a 30% interest in a large, specific copper-cobalt mining right. The project completed the equity closing in July 2026, and subsequent cooperation matters regarding the mine were progressing normally. During the reporting period, the company actively sought resource security for sustainable development through exploration in prospective areas and by pursuing extension-style M&A and cooperation for copper ore resources. (2) Indonesia Nickel Segment During the reporting period, the global nickel market fluctuated amid the interplay of Indonesia policy adjustments and rising cost side pressures. Youshan Nickel maintained stable production and operations, achieving operating revenue of 1.663 billion yuan and demonstrating strong operating resilience. (3) Deep Processing and Materials Segment ① During the reporting period, Keli Xin’s operating revenue increased by 25.6% from the same period last year, with rapid growth in operating performance. Meanwhile, the company continued to expand its product lines and enrich product models to meet different battery systems’ requirements for high voltage and high safety, effectively improving client response speed and product compatibility. ② Zhonghe Nickel optimized process technologies, further advanced refined on-site production management, improved recovery rates of valuable metals, and enhanced the production system’s adaptability to multi-channel raw material sources. ③ Phase I capacity of the Guizhou project was gradually released, process flows became increasingly mature, and through various refined control measures, it ensured continuous and stable production operations, with product quality improving steadily. Phase II of the Guizhou project smoothly entered trial production. 2. Base Metals Business. During the reporting period, the base metals business achieved sales revenue of 4.213 billion yuan, with a gross margin of 9.50%, up 5.61 percentage points from the same period last year. (1) During the reporting period, Chengtun Zinc & Germanium operated steadily, with notable results in comprehensive recovery; indium and germanium recovery rates both improved. Technical breakthroughs achieved cost reductions in auxiliary material and a record high in silver recovery indicators; multi-dimensional cost reduction and efficiency enhancement significantly lowered logistics and inventory expenses, and overall production operations remained stable. (2) During the reporting period, the company actively advanced the orderly construction of domestic and overseas mines. Construction of the Baoshan Hengyuan Xinmao mining engineering project progressed steadily; Huajin Mining operated steadily, selling 156.31 kg of gold and achieving revenue of 145 million yuan. 3. Metal Trading Business and Others. During the reporting period, the metal trading business achieved operating revenue of 307 million yuan. At present, the scale of the company’s core businesses continued to grow steadily, the proportion of the trading business gradually declined, and the business structure continued to be optimized, achieving solid results on the path of high-quality development. In addition, Chengtun Mining announced on July 23 that the cumulative deviation in the increase of its stock’s closing price exceeded 20% over three consecutive trading days on July 21, July 22, and July 23, 2026, constituting abnormal fluctuations in stock trading. After verification, the company found no media reports or market rumors that needed clarification or response, and found no other material events that could have a significant impact on the company’s share price. As of the date of this announcement, other than information publicly disclosed by the company in designated media, there was no other material information that should have been disclosed but had not been disclosed, including but not limited to planning major asset restructurings involving publicly listed firms, share issuances, major transactions, business restructurings, share repurchases, equity incentives, bankruptcy reorganizations, major business cooperation, introduction of strategic investors, and other major matters. The company’s current operating conditions were normal, and there had been no material changes in the internal and external operating environment. Chengtun Mining announced on July 9 that the transaction in which its wholly owned great-grand subsidiary Preeminence Holdings Limited (Preeminence) acquired a 50% equity interest in Nkoyi Leopard Mining and Investment Limited (Nkoyi) had made new progress. As of the date of this announcement, Nkoyi had completed the change of its shareholder register, and all registration and filing procedures for changes involving directors and senior management in this transaction had been completed. Preeminence had now obtained a 50% equity interest in Nkoyi, and the company had, in accordance with the Share Purchase Agreement under the transaction, paid the equity acquisition consideration to the target company. In Huafu Securities’ nonferrous metals weekly report released on July 26, its commentary on industrial metals mentioned: Industrial metals: tight inventory coupled with geopolitical tailwinds lifted copper prices strongly. From a macro perspective, the Middle East US-Iran geopolitical conflict continued to recur. Multiple parties mediated to advance ceasefire talks, but differences between the two sides were difficult to bridge quickly, and the market continued to trade the potential risk of disrupted shipping through the Strait of Hormuz. Once passage through the waterway is restricted, it would not only push up international crude oil prices and raise global smelting and logistics costs, but also affect outbound shipments of Middle Eastern sulfur, directly disrupting the supply of raw materials for ex-China hydrometallurgical copper production, continuously injecting a geopolitical risk premium into copper prices; repeated changes in news flow also amplified intraday fluctuations in LME copper. This week, tensions in the US-Iran Strait of Hormuz situation remained elevated, and shipping risks in the strait continued to affect market sentiment. Individual stocks: Copper—watch JCC, CMOC, Chengtun, Zangge, JCHX, and Beitong; for H-shares, watch NFC and Minmetals, among others. Aluminum—watch Tianshan, Hongchuang, Yunnan Aluminum, Shenhuo, Huatong, Hongqiao, and Zhongfu, among others. Citigroup recently published a report stating that it held a constructive view on the copper market over the coming weeks, maintaining its expectations unchanged for a 0–3 month short-term copper price target of $14,500 per mt and a year-end target of $15,000 per mt. Citigroup noted that over the past month, despite a pullback in speculative long positions and overall weakness in commodities, copper prices remained resilient. While demand growth remained weak, the supply side faced greater pressure. Global mine supply remained under pressure, while year-to-date scrap supply appeared to respond weakly to high prices. Chilean mine supply risks and sulfur supply constraints could, at the margin, lift market sentiment. A CITIC Securities research report said that multiple positive factors drove copper prices to again challenge $14,000, and that core drivers such as declining inventory and supply disruptions were expected to persist; most potential tariff paths remained positive for copper, and under a neutral assumption, copper prices were expected to challenge $15,000 within the year. The copper sector was still at the beginning of a valuation recovery, and the formation of expectations for price hike and improvements in market sentiment would continue to drive valuation recovery.

SMM Nickel July 30 News: Macro and Market News: (1) The US Fed kept the federal funds rate target range unchanged at 3.5% to 3.75%. This marked the fifth consecutive rate hold this year. The Federal Open Market Committee (FOMC) passed the resolution with 9 votes in favor and 3 against. (2) On the afternoon of July 29, Trump stated that because "Iran launched missiles at US troops in the Middle East," the US "will deal a heavy blow to Iran." Spot Market: On July 30, the SMM #1 refined nickel average price stood at 132,000 yuan/mt, up 500 yuan/mt from the previous trading day. In terms of spot premiums, the Jinchuan #1 refined nickel average was 1,200 yuan/mt, down 50 yuan/mt from the previous trading day, with the range for domestic mainstream brands of electrodeposited nickel at -300 to 500 yuan/mt. Futures Market: The most-traded SHFE nickel 2609 contract retreated after rapid rise in morning trading, with the morning session closing at 130,780 yuan/mt, up 0.28%. The July FOMC meeting kept rates unchanged, and the US dollar weakened, pushing most non-ferrous metals to close higher. Expectations of tighter quotas in Indonesia and sulfur cost support firmed the bottom of nickel prices. The most-traded SHFE nickel contract is expected to trade in the range of 128,000-135,000 yuan/mt.

On July 29, the China Nonferrous Metals Industry Association (CNIA) held a press conference on the H1 2026 performance of the nonferrous metals industry, both in-person and online. Chen Xuesen, Standing Committee Member of the Party Committee, Vice President and Spokesperson of CNIA, reported on the industry's H1 performance and answered questions from media and enterprise representatives together with relevant department heads. Chen Xuesen stated that the industry's overall operation was stable and improving, with growth in multiple core indicators including production, investment, foreign trade, prices, and profitability. First, production of major varieties grew steadily, while new energy metals diverged. Data from the National Bureau of Statistics (NBS) showed that total production of ten nonferrous metals in H1 reached 41.513 million mt, up 3.3% YoY. Among the 23 nonferrous metal products monitored, production of 13 products increased YoY, while that of 10 products fell YoY. Production and sales of traditional bulk metals were stable with slight gains: copper cathode output was 7.608 million mt (up 5.2%), copper semis 11.982 million mt (up 0.3%), alumina 45.772 million mt (up 3.3%), and primary aluminum 23.187 million mt (up 3.8%). However, upstream mines and downstream processing sectors faced periodic pressure: metal content of six mined metals was 2.955 million mt (down 5.8%) and aluminum semis production was 32.303 million mt (down 2.4%). Industry value-added grew 0.3% in H1, with value-added of the mining and beneficiation sector up 3.2% and that of smelting and processing edging down 0.3%. Production of key new energy metals diverged: silicon metal output was 2.231 million mt (up 2.5% YoY); lithium carbonate capacity release was significant, with production at 563,000 mt (surging 33.9% YoY); refined nickel and refined cobalt output contracted to 221,000 mt and 60,000 mt, down 4.8% and 41.8% YoY respectively. Second, fixed asset investment edged up, with prominent investment vitality in the mining and beneficiation sector. The growth rate of fixed asset investment in the industry narrowed significantly from Q1 in H1. On one hand, project construction progress was constrained by high temperatures and heavy rainfall in some regions; on the other hand, resource constraints became prominent and capacity "involution" intensified, so enterprises had weak willingness for medium and long-term capital expansion domestically and turned more to overseas markets. Overall, the industry's fixed asset investment edged up only 0.4% YoY, down 10.3 percentage points from the Q1 growth rate, with notable sector divergence: investment in nonferrous metals mining and beneficiation rose 21.2%, while investment in smelting and processing declined 4.1%. Private investment was under pressure overall, with industry private investment down 1.0% YoY in H1. By sector, private investment in smelting, rolling and processing fell 3.0%, while that in mine mining and beneficiation grew 8.1%, becoming the main driver of private investment in the industry. Third, foreign trade scale surged significantly, and gold products became the core engine of trade growth. Amid sluggish global economic recovery and intertwined geopolitical turmoil, the industry's foreign trade saw improvements in both volume and quality, with import and export scale expanding substantially. Customs data showed that in H1, total imports and exports of nonferrous metal products reached $347.13 billion, up 68.0% YoY. Specifically, import value was $280.91 billion, up 81.7%, driven mainly by gold products, while export value was $66.22 billion, up 27.3%. The share of gold product imports and exports in the industry's total trade rose to 41.8%, playing a prominent role in boosting overall foreign trade. Bulk raw material imports and exports showed mixed changes. Among them, imports of copper ores and concentrates were 14.61 million mt, down 0.9% YoY, while bauxite imports were 120 million mt, up 17.4%. Imports and exports of copper and aluminum semis showed a pattern of "reduced imports and increased exports." Specifically, imports of unwrought copper and copper semis were 2.49 million mt, down 5.3%, while exports were 879,000 mt, up 18.2%; imports of unwrought aluminum and aluminum semis were 1.88 million mt, down 5.1%, while exports were 3.396 million mt, up 16.3%. In addition, exports of aluminum products (including aluminum alloy wheel hubs) were 2.576 million mt, up 16.4%. Foreign trade in new energy metals continued to gain momentum. Specifically, lithium carbonate imports were 179,000 mt, up 52.3% YoY, silicon metal exports were 379,000 mt, up 11.4%, and unwrought nickel exports contracted sharply to 12,000 mt, down 86.9%. Fourth, market prices consolidated at high levels, with most product prices falling back MoM in June. Affected by overseas resource monopolies and the transmission of geopolitical conflict premiums, major nonferrous metal prices stayed high in H1, but the high prices also forced downstream enterprises to advance material substitution, which to some extent squeezed the industry's demand growth space. In June, market prices saw a phased correction, with 17 of the 24 products monitored by the China Nonferrous Metals Industry Association (CNIA) seeing MoM declines. In terms of H1 average prices, seven products declined YoY, but mainstream products such as copper, aluminum, gold, zinc, tungsten and molybdenum saw price increases. In the domestic spot market in H1, among traditional metals, apart from lead, whose average price was 16,649 yuan/mt, down 1.5% YoY, copper averaged 101,964 yuan/mt, up 31.4%, aluminum averaged 24,124 yuan/mt, up 18.8%, zinc averaged 24,276 yuan/mt, edging up 4.2%, while for precious metals, the average spot gold price was 1,058.4 yuan/g, up 45.9%, and silver averaged 19.7 yuan/g, surging 141.1%. New energy metals showed divergent price changes, with the average price of silicon metal at 9,079 yuan/mt, down 10.7%; battery-grade lithium carbonate at 159,000 yuan/mt, surging 128.1%; nickel at 142,000 yuan/mt, up 12.5%; and cobalt at 417,000 yuan/mt, up 101.5%. Fifth, industry profits increased significantly, with the smelting segment becoming the core pillar of profitability. In H1, the profitability of the industry achieved a leap-forward improvement. The 12,362 enterprises above designated size recorded total operating revenue of 5,769.68 billion yuan, up 21.7% YoY, and total profit of 418.39 billion yuan, up 94.0% YoY. The profit growth accounted for 32.6% of the total profit growth of industrial enterprises above designated size nationwide, boosting the total profit growth of national designated industrial enterprises by 6.1 percentage points, ranking among the top in the industrial sector in terms of profit growth rate. Meanwhile, cost control showed positive results, with the cost per hundred yuan of operating revenue for the above-designated-size enterprises at 90.0 yuan, down 2.7 yuan YoY. The sharp profit increase was driven by multiple favorable factors resonating together: First, tight ore supply and rising scarcity premiums pushed profits toward upstream mines. Second, emerging industries such as AI computing infrastructure, power batteries, energy storage, and NEVs continued to release rigid demand, strongly supporting non-ferrous metal product prices and market demand. Third, geopolitical conflicts periodically pushed up aluminum and sulphuric acid prices, generating phased profit gains; combined with the low price base in H1 2025, these factors jointly drove a sharp YoY increase in profits this year. The profit structure of the industry chain showed a pattern of smelting leading, mining following, and processing being relatively weak. The contribution rates of the mining, smelting, and processing segments to industry profit growth were 23.6%, 65.5%, and 11.0%, respectively, boosting industry profit growth by 22.1, 61.6, and 10.3 percentage points. The profitability difference across the industry chain was significant, with operating profit margins for mining, smelting, and processing standing at 40.6%, 8.9%, and 2.0%, respectively, up 10.3, 3.4, and 0.7 percentage points YoY. The profit increase in the smelting segment was 132.74 billion yuan, accounting for 65.5% of the industry’s profit growth. Aluminum smelting and gold smelting contributed 56.7% and 17.3% of the profit increase in the smelting segment, making them the main drivers of profit growth in the segment. By product, the aluminum sector had the most prominent boosting effect, with a profit growth contribution rate of 43.5%. Dividends from supply-side structural reform in aluminum continued to be released, and global supply tightened due to geopolitical disruptions, pushing aluminum prices persistently higher. The contribution rates of gold, copper, and tungsten & molybdenum were 13.0%, 13.6%, and 9.0%, respectively. Together, these four categories contributed 79% of the industry’s profit growth, becoming the main force behind the profit rise. Profits in only two categories, antimony and silicon metal, were under pressure, while all other metal types achieved positive revenue increases. Chen Xuesen pointed out that since this year, the industry has demonstrated strong development resilience under the dual tests of external risk shocks and internal structural constraints. H1 operations presented three features: support from emerging industry demand, synchronized improvement in industry volume, price, and profit, diversified expansion of overseas resource deployment and continuous improvement of international resource guarantee systems, and prominent domestic resource supply constraints, with primary ores and recycled resources synergistically shoring up weaknesses. Taking all factors into account, the China Nonferrous Metals Industry Association (CNIA) makes the following projections for the industry's 2026 trajectory: H2 nonferrous industry value-added growth rate is expected to be higher than H1, with a full-year industry value-added growth rate of 2%~3%; production of ten nonferrous metals for the full year is up about 3% YoY; major nonferrous metal prices will swing wildly at highs, with geopolitical situations, downstream demand, and overseas supply being the core variables driving price fluctuations; total import and export value will maintain growth for the full year, with import growth being higher, driven by high-price resource procurement and safe-haven demand; exports of copper and aluminum semis and products possess stable resilience, continuing to provide support for stable foreign trade exports; full-year industry operating revenue and total profit remain up YoY, but revenue and profit growth rates will pull back in H2, with the growth rates showing a pattern of stronger first half and weaker second half; the profit allocation pattern remains unchanged, profit advantage at the resource end remains solid, and except for aluminum smelting, the room for profit improvement in other types of smelting and processing is relatively limited. Chen Xuesen stated that in the next step, the industry will closely follow the deployment and requirements of the CPC Central Committee and the State Council, focusing on three core tasks: strengthening the resource security baseline, expanding the recycled resource circular industry, accelerating the green and low-carbon transition and proactively addressing international green trade barriers, and cultivating new development momentum and activating enterprise innovation vitality. Multiple measures will be taken to solidify the foundations of the industry chain and supply chain, promoting both quality and efficiency improvements. (China Nonferrous Metals News)

[7.29 Morning Meeting Minutes] The US Fed is scheduled to announce its interest rate decision at 2 a.m. Beijing time on Thursday, and Fed Chairman Warsh will hold a press conference as usual at 2:30 a.m., which has been dubbed by the industry as the most unpredictable Fed decision. The most-traded SHFE nickel contract (2609) plunged sharply in the night session, with prices gradually rebounding in the morning session before closing at 131,660 yuan/mt, up 0.08%. The short-term trading range for the most-traded SHFE nickel contract (NI2609) is expected to be 128,000-135,000 yuan/mt.

[SMM Morning Tin Report: US Fed holds rates for 5th straight time, SHFE tin 2609 contract returns to 418,000]