Copper Prices Center Shifted Upward, Downstream Buyers Mainly Made Just-in-Time Procurement [SMM North China Spot Copper]

Sumitomo Corporation of Japan announced on August 28 that, through a special purpose vehicle (SPV) established on a 50:50 basis with G Mining Group, it will participate in the Dos Amigos copper-gold project in Chile. The SPV subscribed for approximately CAD 48 million in private placement shares of Canada’s Tintina Mines, with Sumitomo contributing about CAD 24 million. Upon completion of the transaction, the SPV will hold about a 25% equity stake in Tintina, giving Sumitomo an effective economic interest of approximately 12.5% in the project. This round of financing will be used to acquire the remaining interest in Dos Amigos and to advance drilling, feasibility studies, environmental assessments, and permitting work in preparation for the final investment decision (FID). The project is located in Chile’s Atacama Region at an elevation of about 800 meters, near highways, the power grid, and coastal logistics facilities. The 2026 PEA showed measured and indicated resources of approximately 101 million mt and inferred resources of approximately 256 million mt. The project is expected to adopt open-pit mining and flotation processing, with ore throughput of 35,000 mt per day and a mine life of about 25 years, and is expected to produce an average of 37,000 mt of copper and 57,000 ounces of gold per year. The project is currently still in the study and permitting stage and has not yet generated incremental copper supply.

China’s sulphuric acid market remained weak, with widening price divergence; low-end prices in Shandong are expected to stabilize [SMM Sulphuric Acid Weekly Review]

Russia's Sulphuric Acid Producers Face Antitrust Probes; Astrakhan Gas Plant Struck Again, Intensifying Sulphur Supply Crunch Russia's Federal Antimonopoly Service (FAS) announced on August 26 that it has initiated antitrust cases against four sulphuric acid producers for allegedly maintaining monopolistically high prices during 2024-2025. The companies include Mednogorsk Copper and Sulphur Combine, Sredneuralsk Copper Smelter, Svyatogor, and Karabashmed. All hold dominant positions in the wholesale sulphuric acid market and face turnover-based fines if violations are confirmed. On the supply side, Ukraine's General Staff confirmed that two U-272 gas separation units at the Astrakhan Gas Processing Plant were struck on the night of August 24. The facility, operated by Gazprom, accounts for nearly 60% of Russia's sulphur output. According to Rosstat, Russia's sulphur production fell 23% year-on-year in the first half of 2026, driven by unplanned outages at the Astrakhan and Orenburg gas plants. Previous attacks had already shifted Russia from a major exporter to a net importer of sulphur. On June 25, the government signed Decree No. 785 extending the industrial sulphur export ban through December 31, 2026. The latest strike on Astrakhan is set to further tighten global sulphur supply.