Guiyang Power Supply Plans 523 AC Projects for 2026, Expanding Grid Infrastructure

On May 28, Shengda Metals announced that its subsidiary Honglin Mining obtained the Safety Production Permit for its mining area. The permit covers underground mining of gold and copper ore at a capacity of 396,000 mt/year. The cumulative identified resources (proven + probable + inferred) of the Caiyuanzi copper-gold mine of Honglin Mining totaled 6.056 million mt of ore, with a gold metal content of 17,049 kg at an average grade of 2.82 g/mt, and a copper metal content of 29,015 mt at an average grade of 0.48%.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices edged down during the day, activating some downstream buying interest. According to SMM, orders at some processing enterprises in east China improved compared to yesterday, with end-users mostly placing orders at around 103,600 yuan/mt. Available supplies in Changzhou became relatively tight, which may provide some support for local spot prices. In terms of market structure, the inter-month Contango price spread between futures contracts narrowed slightly, weakening suppliers' willingness to ship to delivery warehouses. The marginal increase in spot circulation pressure pushed discounts to widen further. Overall, amid the interplay of narrowing price spreads between futures contracts pressuring discounts, limited marginal improvement in demand, and tight regional supplies, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, continuing to stay under pressure.