Main sea freight index at Baltic Exchange rises further to 978 points

Data from the Statistics Agency of Kazakhstan on Friday showed that, in January-June this year, copper cathode production dropped 4.5% YoY to 231,945 mt. Of this, June output was 39,323 mt, a 20.8% YoY decline. The data also showed that the country's refined zinc production in June stood at 19,807 mt, down 22.4% YoY, and for January-June, refined zinc production was 112,861 mt, a 14.8% YoY decline.

Chilean copper miner Antofagasta reported on July 15 that its Q2 copper production edged down, reiterated its full-year production guidance, and expects stronger H2 output to drive achievement of the full-year target. In the three months to June 30, the company produced 142,000 mt of copper, down 0.7% QoQ, as a decline in output at the Antucoya mine offset performance at other mines. Q2 net cash cost climbed nearly 26% QoQ to $1.36 per pound. Antofagasta said quarterly production is expected to ramp up gradually over the remainder of the year, and maintained its 2026 copper production guidance at 650,000 to 700,000 mt and net cash cost guidance at $1.15 to $1.35 per pound.