[SMM price] May 25th copper cash discount in Shanghai market (second period)

Regarding the issuance of the “Management Measures for the Standardized Recycling and Utilization of Industrial Renewable Resources in Shandong Province (Trial)” (hereinafter referred to as the “Management Measures”), SMM learned that the Management Measures implemented in Shandong Province this time are a “local implementation version” of a series of central policy requirements, but they are not a simple translation of any single central document

The People's Bank of China and the National Financial Regulatory Administration jointly issued the Opinions on Reforming and Improving Real Estate Credit Management and Accelerating the Establishment of a New Model for Real Estate Development.The Opinions specify that real estate development loans shall be subject to a lead bank system, with loan terms not exceeding 5 years for pre-sale projects and 7 years for completed-home sales projects. The Opinions also specify that personal housing loans shall have a maximum term of 40 years; if a newly built home being purchased is sold as a completed home, the personal housing loan shall be disbursed after the sale is registered; if it is sold on a pre-sale basis, the loan shall be disbursed only after the project completion is registered.

Officials from the mining authorities of Chile, Argentina, Bolivia and Peru held a ministerial meeting in Santiago, the capital of Chile, on the 28th and signed a joint statement calling for stronger regional cooperation, the sustainable development of critical minerals, technical exchanges and investment, and joint efforts to elevate the region’s position in the global critical minerals supply chain.The joint statement stressed that mining is an important driver of economic growth, job creation, human capital development and social progress. The four countries will cooperate to promote the sustainable development of critical minerals, strengthen experience sharing in geological research, mining regulation, public policy and professional talent development, and explore technical and institutional cooperation mechanisms, encouraging the public and private sectors to jointly participate in scientific research and innovation projects.