Commerzbank Sees Growing Possibility of Corrections in Base Metals 

The Export-Import Bank of Korea said on August 17 that it will provide $1 billion in financial support to Glencore, on the condition that the company supplies copper to Korean companies during the loan period. The funds will be used as Glencore’s general operating capital, while the financing structure is designed to help Korean companies secure key raw materials. Glencore operates mines, smelting assets and trading networks across multiple regions, including exposure to copper-producing countries such as Chile and Peru. Korea Eximbank said Glencore’s diversified asset and trading base could provide alternative procurement channels if supply disruptions occur in a specific country or mine. The arrangement does not add near-term copper production, but it strengthens copper procurement security for Korean companies.

Vale Base Metals confirmed it is proceeding with the Coarse Particle Flotation project at its Salobo copper complex in Brazil, lifting annual ore processing capacity by 6 million tonnes to 42 million tonnes and adding up to about 30,000 tonnes of copper in concentrate per year, with roughly 15,000 ounces of gold as by-product. Start-up is accelerated to the first half of 2028, about one year ahead of plan. Capex was optimised to about US$215 million from US$225-275 million, with Wheaton Precious Metals funding US$40 million, leaving VBM net spend near US$175 million and project IRR above 50%. It is the second step in VBM's low-capital Carajás brownfield copper pipeline.

Lundin Mining said on August 19 that a second severe winter storm in Chile’s Atacama region has further disrupted recovery efforts at its Caserones copper mine. The storm, which began on August 13, brought heavy rainfall, unusually heavy snowfall and strong winds. Following an initial power outage from July 18 to July 30, Caserones suffered another outage on August 14 after a previously damaged transmission tower was hit again. Full power is expected to be restored by the end of the week, followed by a gradual ramp-up of operations. Lundin lowered Caserones’ 2026 copper production guidance from 130,000–140,000 tonnes to 120,000–130,000 tonnes and raised its cash cost guidance to $2.15–2.35/lb. Candelaria is still expected to meet its full-year target, while Lundin’s consolidated copper production guidance has been revised to 300,000–325,000 tonnes.