COMEX Copper Inventories Decline After Year-Long Buildup

【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.

【SMM News Flash】Alexander Leonov, head of Norilsk Nickel's Norilsk division and vice president of the Russian metal producer, stated that the company plans to initiate nickel smelting trials at its copper smelter this year. This initiative aims to maintain production levels during the major furnace refurbishment scheduled for 2027. This innovative measure will enable the company to sustain nickel output throughout the maintenance period. As the world's largest palladium producer and a major nickel supplier, Norilsk Nickel is expected to carry out a major overhaul of the Nadezhda Metallurgical furnace in Norilsk in 2027. Leonov noted that the shutdown will last approximately 270 days, temporarily reducing the plant's capacity by nearly half.