China Trade Surplus Shrinks in August

[SMM Analysis: Does Importing Bare Bright Copper Pay? SMM Launches a New Import Profit/Loss Dashboard] Imported secondary copper feedstock has long been an important supplement to China’s copper supply, providing smelters and processors with an additional source of raw materials. As copper concentrate supply comes under pressure, this channel has become even more important. To make that easier to track, SMM Market Watch has added a Bare Bright Copper Import Profit/Loss dashboard.

Spartan Metals Corp. released an updated mineral resource estimate for the Victorio tungsten-molybdenum project in New Mexico. Measured and indicated resources total 84.54 million short tons grading 0.09% molybdenum, containing 147.85 million lb (about 67,064 tonnes) of molybdenum. Inferred resources total 101.84 million short tons grading 0.06%, containing 130.02 million lb (about 58,976 tonnes). At a US$50-per-short-ton gross metal value cutoff, the two categories increased 9.5% and 31.9%, respectively, from the historical 2012 estimate. The update will support a preliminary economic assessment expected in the fourth quarter of 2026. These are in-situ resources, not reserves or recoverable production; the project has no current supply impact.

Teck Resources confirmed that United Steelworkers Local 7619 has begun strike action at the Highland Valley Copper operation in Canada, with the mine continuing to operate at reduced capacity. The operation’s existing 2026 molybdenum production guidance is 1,500–1,800 tonnes, against approximately 700 tonnes produced in the first half. Teck said the impact on overall production will depend on the duration of the labour action. The company has not disclosed the scale of the operating reduction, quantified any molybdenum production loss or revised its annual guidance. Attention has therefore shifted from whether the strike would begin to how long reduced operations may continue.