Why copper smelters are holding strong despite tight margins and global supply pressures

Trafigura chief executive officer Richard Holtum's closing message onstage at the LME metals seminar was that processing capacity was more important than mining for national security

China’s CMOC Group is pursuing measured growth and global expansion amid geopolitical and market uncertainties, with a focus on copper and gold and an emphasis on maintaining commercial independence and adaptability.

The effect of the fatal rock burst at Codelco’s flagship El Teniente mine will be greater than initially expected, with copper production losses now forecast to reach 48,000 tonnes in 2025, the Chilean producer’s chairman has said.

The copper concentrates benchmark faces historic uncertainty as market participants gather for LME Week 2025, with potential for negative treatment and refining charges and growing regional divergence shaping the next phase of copper pricing.

LME Week 2025 arrives amid supply disruptions, evolving carbon policies and tariff tensions that continue to reshape the copper, aluminium and zinc markets.

Teck Resources has again reduced its copper output forecasts through 2028 as production challenges persist at its Quebrada Blanca mine in Chile, reflecting a broader slowdown across the global copper industry. The company’s revised targets underline tightening supply conditions for the red metal.

Abu Dhabi’s IRH Trading is accelerating its copper trading expansion, targeting 1 million tonnes per year by 2030. Backed by strategic mining assets in Africa and sovereign capital, the company aims to strengthen its global presence in metals trading while fostering long-term partnerships.

After a consultation period, Fastmarkets will clarify and amend some of the specifications for MB-ZN-0005 Zinc SHG min 99.995% ingot premium, ddp Midwest US, US cents/lb; MB-PB-0006 Lead 99.97% ingot premium, ddp Midwest US, US cents/lb; MB-SN-0011 Tin grade A min 99.85% ingot premium, ddp Midwest US, $/tonne; MB-NI-0240 Nickel 4x4 cathode premium, delivered Midwest US, US cents/lb; MB-NI-0241 Nickel briquette premium, delivered Midwest US, US cents/lb; and the corresponding all-in prices for all of these, including the quality, unit and location.

Fastmarkets will discontinue its assessment of the MB-CU-0410 copper rod premium, ddp Midwest US, US cents per lb, from November 6. After a consultation period, which ended on Wednesday October 8, Fastmarkets will discontinue the premium due to low market liquidity and a lack of demand. Fastmarkets received only neutral or indifferent feedback during the consultation […]