As the first year of the 15th Five-Year Plan, 2026 marks a critical phase for the global copper industry, characterized by supply-demand restructuring, technological innovation, and green transition. Constrained by multiple factors—including resources, costs, and geopolitics—copper supply growth is limited, while new energy, new-type power grids, and AI computing power are generating substantial copper demand. The supply-demand gap continues to widen, and copper's strategic value becomes ever more prominent. Guided by the "High-Quality Development Plan for the Copper Industry (2025–2027)," China's copper industry is accelerating its high-end, intelligent, and green transformation. Against this backdrop, , will be grandly held on 28-30 October at the Shangri-La Hotel, Nanchang, Jiangxi . SMM , in partnership with Shandong Humon Smelting Co., Ltd. , invites you to attend . The conference will focus on the high-quality development of the copper industry, gathering participants from industry, research, and finance to discuss technological innovation and resource coordination, promoting China's copper industry's shift from scale advantage to dual leadership in technology and value. Click the to register now; we look forward to meeting you at the conference. Shandong Humon Smelting Co., Ltd. ("Shandong Humon Smelting") was founded in 1988 and is dedicated to becoming a world-class precious metals smelting enterprise that ensures employee well-being, customer satisfaction, and environmental harmony. It was listed on the Shenzhen Stock Exchange on May 20, 2008 (stock code: 002237). In 2019, Jiangxi Copper Corporation became its controlling shareholder. Building on the momentum of reform and opening-up and leveraging its expertise in technological innovation, the company has steadfastly pursued market-oriented and international operations. After more than 30 years of persistent entrepreneurial efforts, it has remained China's largest gold smelter for 12 consecutive years. In 2025, it achieved operating revenue of 110 billion yuan and produced 100 mt of gold. As a pioneer and leader in pyrometallurgy, the company is rooted in fire-based processes and integrates the entire chain, developing a comprehensive "cyanide-free pyrometallurgical environmental technology system." This system has been recognized with two second prizes for National Science and Technology Progress and twelve first prizes at the provincial/ministerial level. Focusing on the transformation and upgrading of gold mining and smelting, the company has put forward the strategic vision of "Unlocking Infinite Value from Limited Resources, Leading Green Development in Gold Mining and Smelting." While producing gold and silver, it also achieves the comprehensive extraction of metals such as copper, lead, zinc, antimony, selenium, tellurium, and platinum, forming a diversified development pattern encompassing gold mining, metal smelting, international trade, and high-purity materials. Looking ahead, guided by the lines, principles, and policies of the Party and the state, the company will integrate global mineral resources to create wealth for China in this era, embarking on a new journey of high-quality, leapfrog development and striving unremittingly to become a world-class precious metals mining and smelting enterprise. Contact: Wang Lu 0535-4631040 Email: manage@hbyl.cn Address: No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City Scan to Register SMM Conference Contact Li Chongshan 173 4975 4665 lichongshan@smm.cn

Newmont announced that its Red Chris copper-gold mine in British Columbia, Canada, has received key regulatory approvals, including an amended Environmental Assessment Certificate and Mines Act permit. The approvals support the transition from open-pit mining to a block cave underground operation and are expected to extend the mine's life into the mid-2040s. The company plans to make a final investment decision later this year. Red Chris hosts an estimated 20 million ounces of gold and 13 billion pounds of copper across its resource base. The project could play an important role in strengthening Canada's copper supply, with forecasts indicating it may increase national copper production by approximately 15% once fully developed.

SMM June 22 News: Data Highlights: As of Monday, June 22, SMM copper inventories in major regions across China increased WoW, with total inventories reaching 208,100 mt, up by 78,500 mt from 129,600 mt in the same period last year. All regions saw inventory buildup. Specifically, in Shanghai, concentrated arrivals of imported and domestic copper, combined with persistently weak end-use consumption, led to a notable increase in inventories. In Jiangsu, arrivals increased as smelter maintenance ended, leading to a rise in inventories. In Guangdong, production cuts at processing enterprises during the Dragon Boat Festival holiday and weakening downstream demand were the main reasons for the significant inventory accumulation. Market Outlook: On the supply side, imported copper arrivals are expected to remain stable in the near term, while domestic copper supply is beginning to rise, gradually easing availability in the market. On the demand side, copper prices are fluctuating at highs, and the wait-and-see sentiment among downstream enterprises is intensifying. Surveys indicate that the operating rate of copper cathode rod plants is expected to increase to 65.4% this week, down 2.96 ppt WoW. Considering overall supply-demand performance, the market currently has ample supply but weak end-user purchasing willingness, so China's social copper inventories are expected to continue building next week.

Hudbay Minerals has officially launched the New Ingerbelle expansion project at its Copper Mountain mine in British Columbia, Canada. The project is expected to extend the mine's operating life beyond 2040 while improving operational efficiency through access to higher-grade mineralization and a significantly lower stripping ratio. Based on current reserves, New Ingerbelle is projected to produce approximately 750,000 tonnes of copper, 900,000 ounces of gold and 5.5 million ounces of silver over its mine life. The project received key mining permits in February 2026 and has been designated as a priority resource project by the British Columbia government. The expansion as an important step in supporting long-term copper supply and regional economic development.

Hudbay announced the pricing of US$52 million in municipal bonds for its Copper World project in Arizona. The financing marks another step forward for one of the largest new copper developments in the United States and reflects growing efforts to strengthen domestic copper supply.

Trafigura has committed US$570 million to Develop Global's mining projects, including the Sulphur Springs copper-zinc project, while securing future marketing rights for production. The deal highlights traders' growing efforts to secure long-term copper supply.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper prices are expected to rise intraday and remain at a relatively high level. Coupled with the futures contract rollover, trading activity is likely to be muted, reflecting that the current price level is significantly suppressing real demand. After the rollover, the market will officially price around the 2607 contract, and close attention should be paid to the outflow of unmatched warrants. However, open interest for the SHFE copper 2606 contract currently stands at approximately 5,500 lots, indicating limited delivery participation. The concentrated release of warrants is therefore expected to exert relatively limited additional pressure on spot discounts. Supported by delivery-related dynamics, Shanghai spot copper discounts did not see a sharp decline. But if copper prices remain at current highs and demand fails to improve effectively, spot premiums may come under downward pressure.

SMM Morning Brief: Overnight LME copper opened at $13,452/mt, fluctuated downward in early trading to a low of $13,395/mt, then its price center gradually moved up to reach $13,608.5/mt, before fluctuating downward again to finally close at $13,449/mt, a decline of 0.81%. Trading volume reached 24,800 lots, and open interest stood at 267,000 lots, an increase of 976 lots from the previous trading day, which was characterized by bears adding positions. Overnight, the most-traded SHFE copper 2607 contract opened at 103,500 yuan/mt, dipped in early trading to 103,480 yuan/mt, then fluctuated upward to a high of 104,340 yuan/mt, after which the center of copper prices fluctuated downward, moved sideways near the session's end, and finally closed at 103,650 yuan/mt, a decline of 0.79%. Trading volume reached 39,700 lots, and open interest stood at 157,000 lots, a decrease of 3,255 lots from the previous trading day, which was characterized by bulls reducing positions.

South America remains the cornerstone of global copper supply, with Chile and Peru collectively accounting for more than one-third of global mined copper production. As electrification, grid modernisation, renewable energy deployment and AI-driven infrastructure investment continue to reinforce long-term copper demand growth, policy developments across the region are becoming increasingly important determinants of future supply availability.

Peru will hold its presidential runoff on June 7, drawing close attention from the mining industry. As the world's second-largest copper producer, any shift in mining policy could have significant implications for global copper supply. Investors are watching proposals related to environmental regulations and resource taxation. The election outcome may influence future copper project development and investment decisions.