Citi and Societe Generale Express Divergent Views over Base Metals Price Outlook 

President of the DRC Felix Tshisekedi ordered a comprehensive audit of mining export revenues and national assets, warning that weak controls were preventing the country from fully benefiting from record copper and cobalt exports.The DRC is a major supplier of cobalt and copper, and the country also holds substantial reserves of lithium, gold, and coltan, making it a battleground in the global race for critical minerals supply chains.Data showed that the country exported approximately 3.4 million mt of copper in 2025, up from 3.1 million mt in 2024, while cobalt exports totaled approximately 220,000 mt.The country exported approximately 955,000 mt of copper in Q1 this year, down from approximately 1.09 million mt in the same period last year, January-March.

Jinchengxin (603979) stated on an interactive platform on April 28 that the company's copper ore products saw inventory increases at year-end 2025 and in Q1 2026, mainly because the local rainy season (November to April) affected road conditions and transportation around the Dikulushi copper mine in the DRC, resulting in produced ore products not yet being sold for exports.

Yuguang Gold and Lead Group (600531) disclosed its Q1 report on April 28. The company achieved revenue of 16.354 billion yuan in Q1 2026, up 57.32% YoY, and net profit attributable to the parent company was 275 million yuan, up 20.14% YoY. Prices of the company's main products, including gold, silver, and copper, rose compared with the previous period.