SHFE Copper to Strengthen (2017-5-8)

A mudslide occurred on October 11 in the open-pit area of Codelco’s El Teniente copper mine in Chile. Three contractor workers were involved in the incident. One was rescued and taken to a medical facility, while the other two were later confirmed dead. The workers had been conducting inspection activities in an area where operations had been suspended due to adverse weather conditions. El Teniente is the world’s largest underground copper mine. It produced approximately 310,100 tonnes of copper in 2025, while its 2026 output is expected to be around 301,000 tonnes, accounting for more than one-fifth of Codelco’s own copper production. Codelco suspended activities in the affected area, and Chile’s mining regulator Sernageomin, police and prosecutors have launched investigations. As no full-mine shutdown or production loss has been announced so far, the impact on annual copper output remains under assessment.

USGS revised U.S. molybdenum concentrate production for April-June 2026 from 3,470, 3,650 and 3,510 tonnes to 3,420, 3,610 and 3,480 tonnes, respectively, cutting the three-month total by 120 tonnes. Based on the revised monthly data, SMM calculates H1 output at about 20,900 tonnes, versus 21,100 tonnes previously reported. Part of the 200-tonne displayed difference reflects USGS rounding. H1 output nevertheless remained about 4% higher YoY.