Newmont announced that its Red Chris copper-gold mine in British Columbia, Canada, has received key regulatory approvals, including an amended Environmental Assessment Certificate and Mines Act permit. The approvals support the transition from open-pit mining to a block cave underground operation and are expected to extend the mine's life into the mid-2040s. The company plans to make a final investment decision later this year. Red Chris hosts an estimated 20 million ounces of gold and 13 billion pounds of copper across its resource base. The project could play an important role in strengthening Canada's copper supply, with forecasts indicating it may increase national copper production by approximately 15% once fully developed.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,433/mt, and after opening, it fluctuated downward and fell to a low of $13,363/mt. The price did not return to the opening level during the session, and finally closed at $13,373.5/mt, with a decline of 2.18%. Trading volume reached 26,000 lots, and open interest reached 251,000 lots, a decrease of 489 lots compared to the previous trading session, reflecting bulls reducing positions. Overnight, the most-traded SHFE copper 2608 contract opened at 103,100 yuan/mt. In early trading, it slightly rose to 103,350 yuan/mt, then fluctuated downward and fell to a low of 102,820 yuan/mt, finally closing at 102,990 yuan/mt, with a decline of 0.57%. Trading volume reached 37,000 lots, and open interest reached 152,000 lots, an increase of 3,887 lots from the previous trading session, reflecting bears adding positions.

SMM Analysis: According to data from the General Administration of Customs, China imported 68,700 mt of copper anode (HS code: 74020000) in May 2026, down 5.48% MoM and 1.04% YoY...