Zambia’s main stock index is the top gainer globally in August, advancing 14.3% in the month as the nation cashes in on a copper boom https://t.co/nTrMYNQr6X ...

Core Insights - The company is currently operating eleven drill rigs as part of a fully funded 70,000-metre drill program for 2025, with three rigs at the San Antonio Project and eight at the Guayabales Project [1] - Drilling at the Guayabales Project aims to define shallow mineralization, expand high-grade sub-zones, and test new targets, with two deep capacity drill rigs focused on the Apollo system [1][3] - The San Antonio Project has seen approximately 10,000 metres of diamond drilling completed, with significant mineralization identified at the Pound target [2][4] Company Developments - Executive Chairman Ari Sussman expressed confidence in the potential of the San Antonio Project, highlighting its proximity to infrastructure and the absence of nearby communities [3] - The company has upgraded all rigs at San Antonio to optimal performance parameters due to previous drilling limitations [5] - The results from drill holes SAC-15 and SAC-18 indicate strong porphyry mineralization, with SAC-18 averaging 1.88 g/t AuEq over 172.40 metres [6][9] Technical Details - The assay results from SAC-15 show 154.20 metres averaging 1.12 g/t AuEq, including higher density mineralized sub-zones [5][8] - The company has identified three mineralized phases at the San Antonio Project, with Phase 1 covering a large area and hosting low-grade gold, while Phases 2 and 3 contain higher-grade mineralization [8] - The company plans to drill test multiple targets within the San Antonio Project in 2025, leveraging its close proximity to the Guayabales Project [14]

Company Overview - ACG Metals Limited is focused on consolidating the copper sector through roll-up acquisitions and emphasizes best-in-class ESG and carbon footprint characteristics [3]. - The company operates the Gediktepe mine in Turkey, which is transitioning to primary copper and zinc production expected to start in 2026 [4]. Recent Developments - ACG Metals announced that CEO Artem Volynets and CFO Patrick Henze will present at the Clean Energy Metals Virtual Investor Conference on August 28, 2025 [1]. - The Gediktepe mine produced 55,000 ounces of gold equivalent in 2024, generating nearly $90 million in free cash flow, with expectations for significant cash generation increases as it transitions to copper production [4]. Investor Engagement - The upcoming conference will allow real-time interaction between investors and company representatives, with archived webcasts available for those unable to attend live [1]. - ACG Metals is available for one-on-one meetings on August 28, 29, and September 1, 2 [1].

The Trump administration said it will step up scrutiny of imports of steel, copper, lithium and other materials from China to enforce a US ban on goods allegedly made with forced labor in the country’s Xinjiang region https://t.co/gu7zlWXKMd ...

Group 1 - Copper Crown Copper Foil has experienced a decline for seven consecutive trading days, with a cumulative drop of -11.09% [1] - Anhui Copper Crown Copper Foil Group Co., Ltd. is a high-tech enterprise in electronic materials, established by Tongling Nonferrous Metals Group Co., Ltd. and Hefei Guoxuan High-tech Power Energy Co., Ltd. [1] - The company has two wholly-owned subsidiaries: Hefei Copper Crown Electronic Copper Foil Co., Ltd. and Tongling Copper Crown Electronic Copper Foil Co., Ltd. [1] Group 2 - Southern Fund's Southern CSI 1000 ETF is among the top ten shareholders of Copper Crown Copper Foil and has reduced its holdings in the second quarter of this year [1] - The Southern CSI 1000 ETF has achieved a year-to-date return of 16.36%, ranking 610 out of 2519 in its category [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Ms. Cui Lei, who has a master's degree in financial engineering from Cornell University and holds qualifications as a Financial Risk Manager (FRM) and Chartered Financial Analyst (CFA) [3][4] - Ms. Cui Lei has been with Southern Fund since February 2015 and has held various positions, including manager for multiple ETFs [3][4]

SHMET 网讯：美国铜市场遭遇有史以来最大单日跌幅。特朗普将进口量最大的精炼铜排除在关税清单之外的决定，令交易商大感意外。 白宫周三宣布，自8月1日起对进口铜半成品征收50%关税，但精炼铜不在征税之列。 消息公布后，纽约商品交易所（COMEX）铜期货价格暴跌20%。截至当地时间周三下午，美国铜价较伦敦金属交易所（LME）基准铜期货的溢价已从 28%大幅回落。此前交易商普遍预期关税将适用于所有精炼铜进口。 这是特朗普给铜市场带来的最新"惊喜"。今年初当这位美国总统首次暗示可能加征关税时，曾引发美国铜价相对全球其他市场的飙升，并促 使贸易商争相赶在关税实施前向美国发货，为全球一些最大金属贸易商带来巨额利润。 本月早些时候，他宣布铜关税税率将高达50%——是多数市场参与者预期的两倍，这又推动美国铜价创下历史新高。 将精炼铜（即阴极铜）排除在关税清单之外的决定，可能会进一步扰乱这种金属的全球贸易流向。 "如果阴极铜被排除在外，套利机会就结束了，"法国兴业银行固定收益及大宗商品研究主管迈克尔·黑格（Michael Haigh）表示。市场"应该 会重新回归平价。" 关税政策对精炼金属和半成品作出区分的做法，源于铜行业的 ...

Summary of J.P. Morgan's China Metals Activity Tracker Industry Overview - The report focuses on the metals industry in China, specifically tracking inventory trends for steel, iron ore, copper, aluminum, and zinc as of the week ended July 18, 2025 [1][11]. Key Insights 1. **Copper Inventory Trends** - China typically experiences significant destocking of copper inventories from now until September. However, recent data shows a slowing pace of inventory drawdowns, with copper inventories increasing by 3,000 tons last week [1][12]. - The five-year average indicates a normal destocking of approximately 200,000 tons of copper during this period [1][12]. 2. **Steel Mill Margins** - There has been a notable improvement in China steel mill margins over the last three weeks, leading to a ~10% increase in iron ore prices to $102 per ton. Average hot-rolled coil (HRC) steel mill margins have returned to profitability for the first time since early 2023 [2][9]. - Rebar margins are close to breakeven, marking the strongest profitability since early 2023 [2][9]. 3. **Iron Ore Shipments and Production** - Iron ore shipments to China from Australia and Brazil have shown mixed results, with Australian shipments down by 4.3% week-over-week but up 8.2% year-over-year. Brazilian shipments increased by 23.9% week-over-week but decreased by 11.3% year-over-year [4][2]. - Total iron ore arrivals in China increased by 13.7% week-over-week, indicating a robust demand [4][2]. 4. **Impact of U.S. Tariffs on Copper** - A potential 50% tariff on U.S. copper imports, effective August 1, could reduce U.S. demand by approximately 4%, translating to a 0.2% decline in global copper demand [3][12]. - The U.S. exports around 540,000 to 580,000 tons of copper scrap annually, which could help mitigate a primary deficit of 700,000 to 800,000 tons per annum, although increased recycling capacity may take 2-3 years [3][12]. 5. **Physical Demand Indicators** - Despite recent increases in copper, aluminum, and zinc inventories, overall inventories remain at their lowest levels in over five years for this time of year, indicating tight physical markets [12][13]. - China's copper premium has risen by 70% in the last two weeks, reaching approximately $50 per ton, although it remains significantly below the year-to-date high of $103 per ton [12][13]. Additional Observations - The report highlights that the next ten weeks will be critical for assessing the health of Chinese physical copper consumers, as historical trends suggest a shift towards improved demand during this period [12][13]. - The report also includes detailed tables and figures illustrating inventory levels, shipment data, and price forecasts for various metals, providing a comprehensive view of the current market dynamics [4][9][34]. Conclusion - The J.P. Morgan report provides valuable insights into the current state of the metals industry in China, highlighting trends in inventory, pricing, and the potential impact of U.S. tariffs on copper demand. The data suggests a complex interplay of supply and demand factors that investors should monitor closely.

Financial Performance - Freeport-McMoRan expects an additional $17 billion (1700 million) in US copper sales per year [1] Market Trends - Domestic prices of copper are showing a premium [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **aluminium and copper industries** in the context of recent US tariffs and trade flows, particularly in Europe and North America [1][2][3]. Aluminium Insights - **US primary aluminium imports** decreased by **15%** from 2024 levels in April and May, primarily affecting Canadian volumes due to tariffs impacting consumer demand [2][12]. - The **Midwest premium** for aluminium is currently around **68 cents/lb**, needing to rise to **70-75 cents/lb** to incentivize flows to the US [2][20]. - **US aluminium scrap imports** surged by **35%** from March to May compared to 2024, driven by high-quality scrap to support rolling mills [2][27]. - The **market share** of Canadian aluminium has dropped from **70%** in 2024 to **63%**, while the UAE's share increased from approximately **11%** to over **20%** [13][16]. - The **Midwest premium** is close to pricing in the **50% tariff**, indicating a potential increase in buying activity as US inventories are low [19][22]. Copper Insights - **US refined copper imports** have nearly tripled year-to-date from 2024 levels, primarily from seaborne sources, but have slowed recently due to impending tariffs [3][34]. - A **front-loading** of **400 kt** of refined copper has occurred, providing a buffer against the COMEX-LME spread, but semi-fabricated product imports have been slower [3][36]. - The **COMEX-LME spread** is expected to reach **40%** by Q4 2025 and **45%** by Q1 2026 as inventory buffers are reduced [4][71]. - **US copper scrap** continues to be priced for export, with the discount for no.2 scrap offsetting the COMEX premium, indicating limited domestic processing capacity [49][50]. Market Outlook - Limited further upside is anticipated for the **Midwest premium**, but there is potential for **LME aluminium prices** to rise as US buying improves and global scrap availability tightens [4][33]. - The **tariffs** on aluminium have made it less competitive compared to copper, prompting some US can producers to explore alternative materials [33]. - **Indonesia** and **Chile** are being discussed as potential sources for exemptions from tariffs, with Indonesia's refined copper production expected to grow significantly by 2026 [63][70]. Additional Considerations - The **US aluminium industry** would require an investment of approximately **$30 billion** and **6 GW** of energy to add **4 million tonnes** of smelting capacity domestically [31]. - The **implied grade** of US scrap exports has been declining, suggesting that higher-grade scrap is remaining in the US for domestic use [57][59]. - The **tariff exemptions** and their implications continue to create volatility in the market, particularly for aluminium and copper [71][72]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and outlook of the aluminium and copper industries.

Report Industry Investment Rating - Not provided in the given content Core View - The passage states that the passage of the stablecoin - related bill in the US Senate, an increase in the probability of the Fed's interest - rate cut, disruptions in overseas copper mine production or transportation, and a decline in China's domestic electrolytic copper social inventory may lead to a rebound in copper prices. It is recommended that investors close their previous short positions at low prices and lightly go long on the main contract at low prices, while paying attention to relevant support and resistance levels [4]. Summary by Related Catalogs 1. Market Data 1.1 Shanghai Copper Futures - On July 17, 2025, the closing price of the active contract of Shanghai copper futures was 77,840 yuan, down 140 yuan from the previous day; the trading volume was 54,262 lots, a decrease of 6,664 lots; the open interest was 153,791 lots, down 6,666 lots; the inventory was 68,127 tons, a decrease of 8,103 tons; the average price of SMM 1 electrolytic copper was 78,020 yuan, down 40 yuan [2]. - The Shanghai copper basis was 180 yuan, up 100 yuan from the previous day; the spot premium or discount of electrolytic copper in Guangzhou was 65 yuan, up 5 yuan; in North China, it was - 120 yuan, up 20 yuan; in East China, it was - 15 yuan, up 25 yuan [2]. - The spread between the near - month and the first continuous contract of Shanghai copper was - 10 yuan, down 20 yuan; the spread between the first continuous and the second continuous contract was 20 yuan, down 10 yuan; the spread between the second continuous and the third continuous contract was 40 yuan, unchanged [2]. 1.2 London Copper - On July 17, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 9,678 US dollars, up 41 US dollars from the previous day. The total inventory of registered and cancelled warrants decreased by 122,150 tons compared to before [2]. - The LME copper futures 0 - 3 - month contract spread was - 58.71 US dollars, up 5.78 US dollars; the 3 - 15 - month contract spread was - 113 US dollars, up 9.23 US dollars. The ratio of Shanghai - London copper prices was 8.0430, down 0.05 [2]. 1.3 COMEX Copper - On July 17, 2025, the closing price of the active contract of COMEX copper futures was 5.498 US dollars, down 0.02 US dollars from the previous day. The total inventory was 241,814 tons, an increase of 3,550 tons [2]. 2. Company Production - Rio Tinto's copper production in Q2 2025 was 229,000 tons, a year - on - year increase of 15% and a quarter - on - quarter increase of 9%. Its annual production guidance for 2025 is 780,000 - 850,000 tons [2]. 3. Macro and Industry Situation 3.1 Macro - The US Senate passed a stablecoin - related bill allowing pension funds to invest in gold, digital currencies, etc. The import tariff pushed up commodity prices, causing an increase in the US consumer inflation rate in June. However, the US producer inflation rate in June was 2.3%, lower than expected and the previous value. The increasing expectation of Powell's early departure raises the expectation of the Fed's interest - rate cut, increasing the probability of a rate cut in September or December [4]. 3.2 Upstream - The import index of Chinese copper concentrates increased from last week. The port throughput and inventory of copper concentrates in China changed. The restriction on high - quality scrap copper exports in Europe, the Sino - US trade dispute, and the negative or rising spread between domestic electrolytic copper and scrap copper affect the scrap copper market, with expected changes in production and import volume in July and tight supply - demand expectations [4]. - Some copper smelters had production adjustments. Glencore's 200,000 - ton SBX copper smelter in the Philippines, the Namibian roweb copper smelter of Zhongkuang Resources, and Glencore's 350,000 - ton anode copper plant in Chile suspended production. The Kaooe Kakula copper smelter in Congo (Kinshasa) may be put into operation in June 2025 with an annual output of 500,000 tons. Several projects in China are in progress or planned [4]. - The weekly processing fee of copper in northern and southern China changed. The planned maintenance capacity of domestic smelters in July may decrease, and the production and import volume of domestic copper in July are expected to increase. The inventory of electrolytic copper in China's bonded area increased, while the social inventory decreased. The inventory of LME electrolytic copper increased, and the inventory of COMEX copper increased due to shipments to the US [4]. 3.3 Downstream - The daily processing fee of refined copper rods for power and cable in East China decreased. Some refined copper rod enterprises planned to reduce production and inventory in July, but new orders improved slightly. The operating rates of refined and recycled copper rod production, copper wire and cable production, copper strip production, and copper foil production changed, with different trends [4]. - Affected by factors such as the Sino - US trade situation and the traditional off - season, the operating rates of domestic copper enterprises in July may decline, except for copper foil [4]. 4. Trading Strategy - The report suggests that investors close their previous short positions at low prices and lightly go long on the main contract at low prices, paying attention to the support levels of 76,000 - 78,000 for Shanghai copper, 9,300 - 9,500 for London copper, and 5.0 - 5.2 for US copper, as well as the resistance levels of 80,000 - 81,000 for Shanghai copper, 9,800 - 10,000 for London copper, and 6.0 - 7.0 for US copper [4]