Kazakhstan's Copper Exports Surge 17.2% in Jan-May 2026, Turkey Leads as Top Destination

CME data shows that the probability of keeping rates unchanged in July has risen to 84.5% (hike 15.5%), and the probability of a 25bp rate hike in September is 55.1%. Warsh's "hawkish credibility" has shifted from being questioned to being trusted by the market. Tomorrow morning's rate decision at 2:00 a.m. + Warsh's press conference at 2:30 a.m. will be key.

Data released by the central bank of the DRC showed that in March 2026, the DRC's copper production was 302,188 mt, with cumulative output from January to March reaching 843,955 mt. The data showed that the country's zinc production in March was 20,991 mt, with cumulative output from January to March at 62,974 mt.

MMG Limited, a subsidiary controlled by state-owned China Minmetals Corp., has completed the $1.875 billion acquisition of the Khoemacau copper mine in Botswana. Situated in the Kalahari Copper Belt, the asset features copper reserves exceeding 6 million metric tons and mining rights spanning over 4,000 square kilometers. The project marks the largest overseas copper mine acquisition by a Chinese company since 2018 and stands as the single largest investment by a Chinese enterprise in Botswana to date. First commissioned in June 2021, Khoemacau currently targets an annual production baseline of 60,000 tons of copper and 1.6 million ounces of silver in concentrate, with near-term expansion plans positioned to scale output toward 130,000–155,000 tons of copper annually. China currently maintains a domestic copper resource dependency rate exceeding 70%, importing over 60% of its copper ore from Chile and Peru. This strategic transaction diversifies Chinese supply channels beyond South America, bolstering raw material security amidst accelerating demand driven by global decarbonization, electric vehicles, power grid infrastructure, and emerging clean technologies.