Core Viewpoint - Commodity prices, including silver, gold, crude oil, and copper, experienced a significant decline due to easing global tensions following a telephone conversation between the leaders of China and the United States [1] Group 1: Commodity Price Movements - Prices of silver and gold dropped sharply on Thursday, reflecting a broader trend in the commodity market [1] - Crude oil prices also fell, indicating a potential shift in market sentiment influenced by geopolitical developments [1] - Copper prices decreased, aligning with the overall decline in commodity values amid improved international relations [1]

As filed with the U.S. Securities and Exchange Commission on January 29, 2026. Registration No. 333-292950 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ XINXU COPPER INDUSTRY TECHNOLOGY LIMITED (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) ____________________ | Cayman Islands | 3351 | Not Applicable | | --- ...

As filed with the U.S. Securities and Exchange Commission on January 26, 2026. Registration No. 333-[•] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ XINXU COPPER INDUSTRY TECHNOLOGY LIMITED (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) ____________________ Cayman Islands 3351 Not Applicable (State or othe ...

Summary of J.P. Morgan North America Metals & Mining 2026 Buy-Side Sentiment Survey Industry Overview - The survey focuses on the Metals & Mining (M&M) sector, with insights into investor sentiment for 2026 based on responses from 25 investors, divided into 72% Long Onlys (LOs) and 28% Hedge Funds (HFs) [1][12]. Key Findings Sector Rankings - **Copper** is the top-ranked sub-sector for 2026, followed by **Gold**. **Steel** has dropped significantly from 2nd to 7th place [1]. - **Copper** is also the top-ranked commodity, while **Rare Earths** and **Steel** have both seen a decline in their rankings [1]. - **Freeport-McMoRan (FCX)** is identified as the top long investment due to its strong correlation with copper prices (~95%) and exposure to gold pricing [1][6]. - **Cleveland-Cliffs (CLF)** is viewed as the top short investment due to high debt levels and tariff challenges [1][6]. Investor Sentiment - 72% of investors expect the M&M sector to outperform the broader market in 2026, a significant increase from 41% in the previous survey [1][12]. - The primary themes influencing sector performance are **trade policy and protectionism**, and **onshoring and supply security** [1][16]. Tariff Expectations - 78% of participants anticipate some form of **S232 tariff relief** in 2026, with 72% expecting partial relief [1][19]. - 61% expect exemptions for Mexico and Canada, while 39% foresee country-specific exemptions [1][19]. M&A Activity - A significant 84% of participants expect an increase in M&A activity within the M&M sector in 2026, up from 50% in the prior survey [1][80]. Commodity and Stock Preferences Copper - FCX is again ranked as the best-performing copper stock, with 83% of participants favoring it [1][64]. - Concerns about potential near-term corrections in copper prices were noted, alongside positive sentiment regarding the restart of Grasberg's operations [1][6]. Steel - Investor sentiment towards steel has weakened, with CMC emerging as the best-performing steel stock due to its high-margin precast business and favorable trade policies [1][60]. Aluminum - **Alcoa (AA)** is expected to be the best-performing aluminum stock, with 63% of votes, followed by downstream players CSTM and KALU [1][71]. Rare Earths and Uranium - **MP Materials (MP)** is viewed as the best-performing stock in the rare earths/lithium/uranium sector, receiving 56% of the votes [1][76]. Underappreciated Themes - Several themes were identified as potentially underappreciated, including: - Valuations relative to the AI ecosystem - Copper demand related to power sectors - Supply and demand dynamics in uranium [1][84]. Conclusion - The survey indicates a bullish outlook for the M&M sector in 2026, driven by strong expectations for copper and gold, alongside anticipated tariff relief and increased M&A activity. Investors are advised to consider these dynamics when making investment decisions in the sector [1][12][80].

Group 1 - International silver prices have reached a historic milestone, with London spot silver prices surpassing $100 per ounce for the first time, marking a year-to-date increase of nearly 45% [1] - The surge in silver prices has led to a significant increase in demand for physical silver products, such as silver bars and coins, with some retail stores experiencing stock shortages [3][5] - The price of a 30-gram panda silver coin has risen from approximately 300 yuan to over 820 yuan, indicating a substantial increase in consumer interest and purchasing behavior [5] Group 2 - The current market dynamics show that silver prices have outperformed gold prices, with the international silver price increasing by nearly 148% from early last year to the end of December, and an additional 45% increase this year [14] - The "gold-silver ratio" has narrowed to about 50, suggesting that silver prices are entering a strong phase, as a ratio below 50 typically indicates undervaluation of silver [16] - Analysts attribute the recent surge in silver prices to geopolitical tensions and speculative investments, with liquidity and market sentiment playing a significant role in driving prices higher [18] Group 3 - Retail outlets are experiencing a boom in silver sales, with some stores reporting that they cannot keep up with the demand, leading to a notable increase in processing and production activities [7][11] - The price of silver jewelry has also increased significantly, with retail prices rising over threefold compared to last year, highlighting the growing interest in silver as an investment [11] - The potential imposition of tariffs on silver by the U.S. has created supply tightness in the international market, making the outcome of these tariff discussions a critical factor for future silver price movements [20]

Core Viewpoint - The article discusses the current sentiment and positioning of funds in the U.S. futures market for precious metals, particularly focusing on silver, gold, and platinum, highlighting a cautious approach among speculators due to perceived high prices and market uncertainties [2][30]. Group 1: Silver Market Analysis - As of January 13, silver fund longs decreased by 16% to 3,453 tons, the lowest level since July 24, 2012; shorts fell by 18% to 1,114 tons, the lowest since September 12, 2017; net longs dropped by 15% to 2,340 tons, the lowest since the end of February 2024 [2][5]. - Speculators in the U.S. futures market are hesitant to go long on silver due to high prices but are also reluctant to short, leading to a wait-and-see approach [2][5]. - Despite expectations of delayed interest rate cuts in the U.S., precious metal prices rose, partly due to news of Powell's investigation, which signals potential market instability [2][30]. Group 2: Gold and Platinum Market Insights - Gold fund longs increased by 8% to 488 tons, while shorts decreased by 2% to 63 tons, resulting in a net long increase of 10% to 425 tons, the highest in three weeks [5][10]. - Platinum fund longs fell by 2% to 30 tons, and shorts decreased by 5% to 18 tons, marking the lowest levels in 134 weeks; net longs increased by 3% to 12 tons, the highest in three weeks [6][10]. - The article notes that platinum is currently undervalued relative to silver, with the historical exchange rate of platinum to silver at a low of 25.895 ounces of silver per ounce of platinum, down 31% from the peak in June 2025 [30]. Group 3: Market Sentiment and Future Projections - The article highlights that the market sentiment towards copper is overly optimistic, with fund shorts at the lowest level since 2007, indicating potential risks in the copper market [16][30]. - The expectation for interest rate cuts has been pushed back, which could serve as a reason for a potential softening in precious metal prices [30]. - The article emphasizes the importance of monitoring the gold-to-mining stock ratio, which has shown a decline, indicating that if gold prices continue to rise while mining stocks fall, caution is warranted [19][22].

Core Thesis - Southern Copper Corporation (SCCO) is positioned as a high-quality copper producer with vertically integrated operations in Peru and Mexico, benefiting from a significant reserve base and a robust growth pipeline [2][5]. Company Overview - SCCO's share price was $174.37 as of January 13th, with trailing and forward P/E ratios of 37.65 and 34.84 respectively [1]. - The company has over 112 billion pounds of copper reserves, supporting projects like Tia Maria, Los Chancas, Michiquillay, and El Arco [2]. Financial Performance - In Q3 2025, SCCO achieved record EBITDA of $1.975 billion and net income of $1.108 billion, despite a temporary decline in copper production [3]. - The net cash costs were reported at $0.42 per pound, significantly lower than peer levels, indicating a low-cost, high-margin profile [3]. Growth Prospects - Although production is expected to be at a trough in 2026-2027, a ramp-up is anticipated from 2028 onwards, driven by large-scale projects [4]. - The company's strong cash flow generation supports an attractive dividend yield, and management's experience enhances execution credibility [4]. Investment Considerations - SCCO combines low-cost production with high byproduct leverage and a visible growth pipeline, positioning it for substantial upside if commodity prices remain high [5]. - The company maintains controlled net debt and disciplined capital allocation, presenting a bullish risk/reward profile for investors seeking premium copper exposure [5]. - Comparatively, SCCO's scale and vertical integration are emphasized as key advantages over other companies in the sector [6].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Global Commodities Outlook**, particularly in the context of the **energy sector**, including oil, natural gas, and precious metals like gold and silver [1][3][16][25]. Core Insights and Arguments Oil Market - **Price Trends**: Oil prices are trending down due to strong supply driving stock builds, with a limited decline of only **0.7 million barrels per day (mb/d)** in sanctioned production expected by the end of 2027 [3][6]. - **Geopolitical Risks**: Despite the price decline, geopolitical risks remain a significant factor influencing the oil market [13]. - **US Policy Focus**: US policymakers are concentrating on affordability, with statements indicating a desire to lower gasoline prices to **$2 per gallon** and crude oil prices to **$50 per barrel** [10]. Gold Market - **Price Forecast**: A rise in gold prices to **$4,900 by December 2026** is anticipated, driven by central banks and investors competing for limited bullion [16]. - **Portfolio Impact**: Each **1 basis point (bp)** increase in gold's share of US financial portfolios is estimated to lift the gold price by approximately **1.4%** [19]. Natural Gas Market - **Oversupply Expectations**: The global LNG market is expected to be oversupplied, which will sharply reduce European and Asian prices relative to US gas prices [28]. - **Price Reduction**: The largest LNG supply wave is projected to reduce TTF prices by nearly **35% by mid-2027** [52]. Copper and Aluminum Market - **Pricing Dynamics**: The copper market is experiencing significant price overshooting, with a forecast indicating that the copper-aluminum price ratio will reach new highs due to supply constraints and increased demand from electrification [34][52]. - **Long-Term Outlook**: Copper is expected to face a more price-supportive setup compared to aluminum in the long term [38]. Power Market - **Capacity Additions**: US data center capacity additions are reaching new highs, leading to increased risks of spikes in local power prices due to geographical concentration [41]. - **Spare Capacity Trends**: A decrease in power spare capacity is expected in the US, while an increase is anticipated in China [44]. Additional Important Insights - **Commodity Supply Concentration**: There is an increasing use of commodity supply concentration as leverage in market dynamics [31]. - **Investment Recommendations**: The report includes top trade recommendations for 2026, such as long positions in gold and copper, and short positions in Brent oil and European natural gas [51]. This summary encapsulates the critical insights and forecasts from the conference call, providing a comprehensive overview of the current state and future expectations of the commodities market.

Group 1 - A significant decline in Chinese copper demand has occurred following a sharp price increase, with copper prices on the London Metal Exchange surpassing $13,000 per ton, marking a nearly 50% rise over the past year [2][3] - Industrial users in China, which account for half of global copper demand, are reducing purchases due to the inability to pass on higher costs to factories, leading to increased inventories [4][5] - A survey indicated that around 60% of firms producing copper rod for electricity transmission have cut or halted production due to rising costs, reflecting a quiet market compared to previous years [5][6] Group 2 - The processing fees for refined copper into rod have dropped to zero, the lowest level for this time of year, indicating subdued market activity [6] - Operating rates among fabricators have remained at multi-year lows, even during peak demand seasons, highlighting the ongoing challenges in the market [6]

Summary of Jiangxi Copper 2026 Business Outlook Call Company Overview - **Company**: Jiangxi Copper (0358.HK) - **Date of Call**: January 6, 2026 - **Participants**: Mr. Gong Kun, IR Manager Key Points Industry and Market Dynamics - Jiangxi Copper signed a long-term agreement with Antofagasta in December 2025, establishing a long-term TC/RC (Treatment Charge/Refining Charge) of **0** for 2026E, with a slight increase in recovery rate [1][2] - The company is in negotiations with other copper concentrate producers, anticipating similar TC/RC terms [2] Production and Raw Material Usage - Management expects a year-over-year decrease in the percentage of copper cathode output derived from copper concentrate in 2026E, with an increase in the use of crude copper as raw material [3] - Jiangxi Copper's improved bargaining power allows it to secure better TC/RC than the market spot price for copper concentrate [3] - There is an expectation that spot TC/RC could improve as Chinese copper smelters may reduce their consumption of copper concentrate in 2026E [3] Financial Performance and Acquisitions - The acquisition of SolGold has received approval from Chinese authorities and is pending shareholder approval, expected to be completed in the first half of 2026E [5] - The profitability of copper smelting using crude copper and copper anode has remained stable over the past two years [4] Pricing and Demand Factors - The price of sulfuric acid has reached approximately **Rmb 1,000/t** in Jiangxi since December 2025, with expectations for high prices in the short term due to strong demand, although further increases are unlikely due to government price control efforts [6] - Management anticipates mergers and acquisitions in the copper smelting industry in China, driven by government anti-involution efforts, with a slowdown in future capacity additions [7] Investment Outlook - Current share price is **HK$44.80** with a target price of **HK$39.80**, indicating an expected share price return of **-11.2%** and a total return of **-9.2%** [8] - Market capitalization is reported at **HK$155,130 million** (approximately **US$19,926 million**) [8] Risks - Potential downside risks include a slowdown in China's grid investment, a more significant than expected decline in property demand affecting copper prices, and rising mining or smelting costs [12] Additional Insights - The company maintains a "Buy" rating from analysts, reflecting confidence in its strategic positioning and market dynamics [1]