CMOC

Copper ~5.2% of AI DC CapEx; tin most fragile (8.2/10 scarcity). Eight charts + five tables: origins, refining (China ~57% Cu), costs, downstream BOM, equity map. Links nonferrous / copper / AI infra notes.

ICSG sees refined surplus 2026–27 while LME prints near $14k; US stockpiling distorts regional balances. See #references. Also nonferrous.

CMOC H1'26 rev ¥135.320B (+42.78%), NI ¥16.152B (+86.27%); Cu–Au dual-pole + Brazil gold. A-share ~¥18.00 / mkt ~¥385.1B.

Cu near $14k: ICSG surplus vs US stockpiling; Al mid ~$3300; Li/Co/Sn diverge. Links copper S/D and battery packs. #references updated.