COMEX Copper Inventories Decline After Year-Long Buildup

[SMM Analysis: The "Key Anchor Point" in Great Power Rivalry: The US "Treasury Plan" and the Resource Reshuffle in Latin America] As the second phase of the Mirador copper mine project in Ecuador, developed by a Chinese enterprise, remains stuck in a "built but awaiting approval" deadlock, ten thousand kilometers away in Washington, the US Export-Import Bank, together with the President, is announcing a historic supply chain security initiative called the "Treasury Plan." In the pause and the start, a global covert battle over critical minerals such as copper, lithium, cobalt, and gallium is moving from behind the scenes to the forefront.

【SMM News Flash】Hindalco Industries reported a 45% decline in Q3 profit, despite strong aluminum and copper prices, as rising costs and operational disruptions at its US subsidiary Novelis weighed on performance.The metal producer, part of the Aditya Birla Group, posted a consolidated net profit of 20.49 billion rupees for the three months ended December 31, down from 37.35 billion rupees a year earlier.The profit drop was mainly due to an exceptional expense of 26.1 billion rupees related to disruptions at the Oswego plant in New York.

【SMM News Flash】Fernando Aboitiz, Director of Mining at Mexico's Ministry of Economy, stated that since October 2024, the Mexican government has revoked 1,126 mining concessions, covering an area of 889,000 hectares. At the president’s regular morning press conference on Thursday, he noted that the concessions were revoked from individuals and enterprises due to their failure to pay mining rights maintenance fees and to submit statistical data or progress reports.