Data: SHFE, DCE market movement (Feb 23)

SMM, September 22: According to foreign media reports on September 21, Vedanta Resources' Zambian subsidiary Konkola Copper Mines (KCM) said its Nchanga copper smelter has resumed operations after more than three months of maintenance and repair work. The smelter was commissioned in 2010 with a construction investment of approximately $350 million and has an annual production capacity of 311,000 mt of copper. The shutdown maintenance was originally planned to last 60 days, but after additional critical repair items were identified during detailed inspections, the maintenance period was extended to 106 days, with renovation costs of approximately $40 million. This also marked the smelter's first major overhaul in eight years. Data from Zambia's Ministry of Mines shows that KCM's copper production in 2025 was 80,200 mt. This maintenance is part of the company's overall equipment modernization strategy, and KCM plans to increase copper production to 300,000 mt/year by 2030. Meanwhile, the Zambian government is pushing to expand the country's copper industry, planning to raise national copper production from 890,300 mt in 2025 to 3 million mt by 2031. Zambia is currently Africa's second-largest copper producer.

SMM learned from the market intelligence team of a major overseas mine operator that above-normal rainfall and severe weather across parts of South America in July and August disrupted production and maintenance schedules at some mines. Regional operations improved in September, but mine supply remained tight. Some copper-molybdenum mines still face post-weather maintenance requirements, which may continue to constrain Chilean by-product molybdenum supply and support elevated overseas molybdenum prices.