[SMM Price] May 12 copper spot discount in Shanghai market (period 3)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 31 Aug , 2026

Chile, Argentina, Bolivia and Peru have signed a joint declaration on strategic minerals, establishing a new regional framework aimed at promoting responsible mining investment, technical cooperation and deeper integration across mineral supply chains. The agreement was signed on August 28, 2026, during the first ministerial meeting on strategic minerals held in Santiago, with representatives from the mining authorities of all four countries participating. The governments said the initiative is intended to position the region as a reliable strategic supplier of minerals required for decarbonisation, electromobility and artificial intelligence. Under the declaration, the four governments agreed to encourage responsible investment and economic development across the regional mining value chain, while exploring greater technical and institutional cooperation between their respective mining authorities. Areas identified for collaboration include geological knowledge, mining regulation and supervision, public policy, specialised workforce development and the exchange of technical experience. The countries will also seek technical and financial support from multilateral institutions and explore joint programmes involving both public and private participants in research, innovation and institutional development. The initiative builds on existing bilateral cooperation in the region, including the Chile–Argentina Mining Integration and Complementation Treaty, whose Administrative Commission was reactivated this year, and the mining cooperation memorandum signed between Chile and Peru in 2025. Chilean officials said the intention is to use these existing arrangements as models for broader regional integration with Peru and Bolivia, particularly as South America seeks to strengthen its role in global supplies of copper and other minerals required for the energy transition. The declaration does not establish specific copper production targets or immediately change regional mine supply, but it represents a broader policy effort by four mineral-rich South American countries to coordinate investment, regulation, technical expertise and value-chain development. The initiative is particularly relevant to copper given the large existing and prospective resources in Chile, Peru and Argentina. If translated into project-specific agreements, infrastructure cooperation and more coordinated investment frameworks, the initiative could help reduce development barriers and support the region’s longer-term contribution to global copper supply.

QMines has reported another broad copper intersection from its ongoing 10,000-metre drilling programme at the Mt Chalmers Copper and Gold Project in Queensland, Australia. Drill hole 26MCRD006 returned 32 metres at 1.99% copper, 0.39 g/t gold and 2.6 g/t silver from 138 metres, including 7 metres at 4.18% copper, with a peak one-metre interval of 11.3% copper. The same hole also returned 7 metres at 2.14% copper and 1.00 g/t gold from 163 metres, while a separate shallow polymetallic zone in hole 26MCDD008 returned 25 metres at 2.08 g/t gold, 92 g/t silver, 2.56% zinc and 0.19% copper from 56 metres. QMines said the latest drilling is helping improve its understanding of both the deeper copper-gold-dominant portion of the Mt Chalmers system and the shallower polymetallic lenses. All reported intervals are down-hole lengths, with true widths yet to be determined. The latest assays follow earlier August results from the project, including 35 metres at 2.88% copper, 0.75 g/t gold and 3.3 g/t silver from 107 metres. The current drilling programme is supporting technical work for the project’s Definitive Feasibility Study, while additional assays from further completed holes are still pending. The latest results provide further geological and technical information as QMines advances the Mt Chalmers DFS and continue to demonstrate broad zones of copper mineralisation within the project. However, the drilling remains part of the project-definition and feasibility process, meaning any eventual impact on resources, mine design or future copper production will depend on further drilling, modelling and completion of the feasibility work.