[SMM Price] copper spot discount in Shanghai Market on April 2 (second period)

Centinela Concentrates produced 900 metric tonnes of contained molybdenum in the third quarter of 2026, up 12.5% from the preceding quarter, although nine-month output remained 11.5% lower year on year at 2,300 metric tonnes. Molybdenum grade increased to 0.016% from 0.014%, while recovery rose to 79.1% from 76.8%. Molybdenum sales increased 14.3% to 800 metric tonnes, despite a 4.7% decline in copper-in-concentrate output. The figures predate the post-quarter strike involving unions representing about 20% of directly employed workers, and no molybdenum loss has been quantified. Production is on a 100% mine basis, not Antofagasta’s 70% attributable share or physical concentrate mass.

Los Pelambres produced 2,000 metric tonnes of contained molybdenum in the third quarter of 2026, down 13.0% from the preceding quarter. Nine-month output fell 23.9% year on year to 6,700 metric tonnes. Molybdenum grade declined to 0.018% from 0.019%, while recovery fell to 76.5% from 81.4%. Sales decreased 24.0% to 1,900 metric tonnes. Copper production rose 17.5% as inventories were released, but molybdenum did not recover, highlighting continuing grade and recovery constraints. The figures are on a 100% mine basis, not Antofagasta’s 60% attributable share or physical concentrate mass.