블랙뷰트 구리 광산 매장량 증가, 하지만 투자 수익률은 여전히 낮아: 샌드파이어 리소시스 아메리카

[SMM Analysis: H1 2026 Secondary Copper Rod Market Semi-Annual Report: Compliance Reshapes Pricing Logic, Supply-Demand Standoff Throughout] In H1 2026, the secondary copper rod market completely broke away from the traditional pricing framework of "copper prices – supply and demand." It was primarily impacted by the dual policy shocks of "reverse invoicing" moving from transitional verification to full implementation and the clearance of local irregular fiscal and tax incentives (Document No. 770), coupled with wide fluctuations as the most-traded SHFE copper contract retreated from the record high of 113,800 yuan/mt at the start of the year and consistently held the threshold of 100,000 yuan/mt in mid-year. The entire industry found itself in a deep stalemate characterized by "policies setting the structure, invoices locking in transactions, and copper prices setting the pace," with the operating rate plunging sharply YoY, and enterprises generally walking a tightrope between compliance pressure and weak demand.....

쯔진광업(601899)은 7월 9일 실적 예측을 공시하며, 2026년 상반기 귀속순이익이 약 391억 위안으로 전년 동기 대비 약 68% 증가할 것으로 전망했다. 보고 기간 동안 회사 제품의 판매 가격이 전년 동기 대비 크게 상승했으며, 희유·귀금속(몰리브덴, 텅스텐, 주석), 황정광 및 황산 등 제품의 이익이 전년 동기 대비 현저히 증가했다.