SHFE Base Metals Warrants (2017-10-17)

Glencore produced 397,000 metric tons of copper in the first half of 2026, marking a 15% increase from 343,900 tons in H1 2025. The growth was primarily driven by higher mining volumes and improved ore grades at its African operations alongside stronger grades at the Antamina mine in Peru. Following the strong operational start, Glencore maintained its full-year copper production guidance at 810,000 to 870,000 tons. The company noted that H2 performance will be bolstered by higher recovery rates and improved mining output at the Collahuasi operation in Chile. Meanwhile, Glencore’s marketing unit delivered exceptional results, generating approximately $3.3 billion in adjusted core earnings (EBIT) in H1 alone. This puts the trading division on track to approach or exceed the top end of its full-year guidance range of $2.3 billion to $3.5 billion. In contrast, cobalt production dropped 46% year-over-year to 10,200 tons due to ongoing export quotas in the Democratic Republic of Congo. Glencore strategically prioritized copper processing, holding back cobalt volumes until export restrictions ease. Full H1 financial results are scheduled for release on August 5.

First Quantum Minerals produced 184,929 tonnes of copper in Zambia during the first half of 2026, marking a 5% year-over-year increase from 176,116 tonnes recorded in H1 2025. This performance keeps the country's largest copper producer firmly on track to meet its full-year guidance. The growth was driven by solid operational outputs across both of its primary Zambian assets. Kansanshi reached 89,342 tonnes in H1—up from 86,647 tonnes in H1 2025—supported by strong processing throughput in its S3 expansion circuit. Sentinel also delivered higher volume, producing 95,587 tonnes compared to 89,469 tonnes in the same period last year. Following the H1 results, First Quantum maintained its 2026 production guidance of up to 205,000 tonnes for Kansanshi and 220,000 tonnes for Sentinel. Reaching these targets would push the company’s total annual output past 370,000 tonnes, exceeding the 361,000 tonnes produced locally in 2025. For H2, the miner anticipates stronger performance driven by higher plant throughput, improved recovery rates, and elevated ore grades at Sentinel. As First Quantum operations accounted for 41% of Zambia's 890,346 tonnes total output in 2025, this continued momentum plays a central role in supporting the Zambian government’s ambitious target to exceed 1 million tonnes of national copper production in 2026.