Harmony Gold Acquires Eva Copper Project in Australia, Aims for 2028 Production with Annual Output of 60,000 Tons

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,653/mt, swung wildly in early trading to probe a high of $13,666/mt. The copper price center then fluctuated downward to touch a low of $13,512.5/mt, before swinging wildly again near the end of the session to finally close at $13,516/mt, down 0.69%, with trading volume at 23,700 lots and open interest at 270,300 lots, an increase of 1,898 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,470 yuan/mt, swung wildly in early trading to touch a high of 104,670 yuan/mt. The copper price center then dropped sharply to probe a low of 103,800 yuan/mt, before fluctuating upward to finally close at 104,010 yuan/mt, down 0.9%, with trading volume at 43,400 lots and open interest at 180,500 lots, a decrease of 942 lots from the previous trading day, indicating bulls reducing positions.

According to the draft, the US will commit in the first phase to a comprehensive 60-day ceasefire on all fronts, particularly within Lebanon. The release of a substantial portion of Iran's frozen assets and the ending of the maritime blockade are also included in the agreement. The Iranian side stated that the likelihood of a renewed war with the US is "low," but Iran's armed forces have "loaded their magazines" and remain in a state of combat readiness at all times.

Jinchengxin (603979) announced on May 27 that the company recently secured the 2026 annual contract for underground 8000t project mining and excavation operations from Jiangxi Copper Corporation Yinshan Mining Co., Ltd. The contract is a unit price contract, with an estimated contract value of approximately 111 million yuan based on projected workload. The final amount shall be subject to the actual verified completed workload and settlement payment.