[Phosphate Chemical: Xingfa Group Plans to Raise Up to 3 Billion Yuan Through Private Placement to Build Phosphate Ore Mining and Beneficiation Project]

[SMM Shanghai Spot Copper] Tomorrow, due to the impact of typhoon weather, cargo pick-up and transportation at some warehouses in east China will be restricted, and short-term cargo circulation efficiency will decline, providing some support to the spot market. However, trading was sluggish during the day. Affected by weather factors and high copper prices, downstream purchase willingness declined significantly, and purchases were mostly based on rigid demand. Some processing enterprises in Zhejiang reduced their cargo pick-up arrangements to Shanghai due to traffic restrictions, providing limited support from the demand side. On the inventory front, SMM recorded Shanghai social inventory at 78,300 mt, up 2,200 mt WoW from last Thursday; Jiangsu social inventory at 18,100 mt, down 2,400 mt WoW from last Thursday. Overall inventory changes in east China were limited, without reflecting significant supply pressure. Meanwhile, the backwardation spread between contracts widened to 240-310 yuan/mt. The spread between spot and futures widened, and some suppliers' need to roll positions and convert to cash increased, which may exert some pressure on spot premiums. Overall, with the combined effects of typhoon weather disrupting cargo circulation, the widening backwardation structure, and sluggish trading, it is expected that Shanghai spot copper against the 2608 contract will still maintain premiums tomorrow, but the overall center may fluctuate slightly. Attention should be paid to cargo pick-up and supply circulation at warehouses after the weather improves.

[Phosphorus Chemical: Egypt's $930 Million Integrated Phosphate Ore Project Officially Launched] On July 30, 2026, Egypt's Mineral Resources and Mining Industry Authority (MRMIA) signed a memorandum of understanding with Genesis Mining to launch an integrated phosphate ore entire industry chain project with a total investment of approximately $930 million in the New Valley Governorate, to be implemented in phases. The project is expected to reach an annual capacity of up to 20 million mt of phosphate ore, associated with a 4 million mt capacity of phosphate ore concentrates, and produce 500,000 mt of phosphoric acid and 500,000 mt of phosphorus chemical products per year. The project also carried out large-scale geological drilling to improve the mineral reserves database. Egypt holds the world's third-largest phosphate ore reserves, with proven reserves of approximately 2.8 billion mt. Several Chinese phosphorus chemical enterprises, including Chuan Jinnuo, Xingfa Group, and China State Construction, have already made early moves in the Egyptian market.