SMM Weekly Price Outlook for Base Metals on LME and SHFE (May 29-Jun. 2, 2017)

Preliminary data indicated that global copper mine production in Q1 2026 was basically flat, with copper concentrates production declining by 1.1%, offset by a 3.3% increase in solvent extraction-electrodeposition (SX-EW) production.Although global mine production benefited from additional output from capacity ramp-up at projects in several countries, significant declines in copper concentrates production in Chile, the DRC, and Indonesia offset global growth.In Indonesia, copper concentrates production at the Grasberg mine fell by 42%, as the severe mud inflow event that occurred in September last year continued to impact production at the mine.

North Copper stated at its earnings briefing on May 22 that since 2025, the contributions of sulphuric acid and precious metals businesses to the company's operating performance had increased significantly. Going forward, the company would further adjust its copper raw material structure, increase the procurement proportion of gold concentrates, and boost gold production. Meanwhile, it would increase R&D and capacity for mid-to-high-end copper strip products, raise the production proportion of treated foil in rolled copper foil, and continuously enhance the added value of copper processing products.

Jinchengxin (603979) announced on May 22 that the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%. Accordingly, the company plans to increase its project construction investment by $178.67 million in proportion to the equity change, bringing the cumulative investment to approximately $409.89 million. Apart from the changes in the company's equity proportion and corresponding investment amount, the investment estimate, construction plan, and other aspects of the Alacran copper-gold-silver mine project remain unchanged.