Xinke Materials (600255) No Expansion Plans for Copper Products, Focuses on Technological Upgrades

On September 18 Eastern Time, the U.S. signed the Graham Sanctions Against Russia and Iran Act of 2026 into law. The act comprehensively strengthens sanctions against Russia, extends relevant sanctions on Iran, and explicitly allows the imposition of so-called "secondary tariffs" of up to 100% on third countries that import Russian oil or natural gas.

Chilean copper production is likely to remain subdued throughout the year, disappointing market expectations that an H2 recovery could partially offset the severe losses in the first months of 2026.Chilean Finance Minister Jorge Quiroz expects this year's production decline to far exceed the official copper statistics agency's forecast, with only a partial recovery recorded in 2027.

Brad Cooper, commander of U.S. Central Command, released a video detailing shipping in the Strait of Hormuz and U.S. military operations in the region. Cooper stated that the main shipping lanes in the Strait of Hormuz have been cleared of mines, and thousands of vessels have already passed through. Gulf partners have shipped more than 1 billion barrels of crude oil through the Strait of Hormuz. He also said that over the past two weeks, the volume of crude oil, cargo, and liquefied natural gas transported through the region reached its highest level in the past six months. Cooper also said that under the U.S. blockade, Iran's crude oil exports through the relevant routes have dropped to zero.