April 7 quotation of scrap copper in Guangdong

First Quantum said on October 21 that the $1.2 billion S3 expansion project at the Kansanshi copper mine in Zambia (commissioned in August 2025) is performing well, with ore milled for the full year 2026 expected to reach approximately 27 million mt, exceeding designed capacity by 8%. The availability and grinding metrics of the new 25 million mt/year sulfide ore processing line have both exceeded targets, and the line has already processed significant volumes of low-grade sulfide ore. Once S3 reaches full production, the mine's copper production will double to approximately 277,000 mt/year. Following the suspension of Cobre Panama, Zambia contributes about 93% of the company's copper production, and the Kansanshi ramp-up is a key support for Zambia's target of 3 million mt of mined copper by 2031 (890,000 mt in 2025). The pace of production release in the African copper belt is becoming an important variable in the global copper concentrates balance for 2027.

Glencore announced on October 19 that its Peruvian subsidiary Antapaccay has completed land use agreements for the final parcels of land required for the Coroccohuayco copper mine project. Located in Espinar, Cusco Region, Peru, the project previously received approval for its Modified Environmental Impact Assessment (MEIA) earlier this year, and the next step will be to advance the remaining permit approvals, with first production expected in H2 2029. Glencore stated that securing the required land use rights is an important milestone for the project's advancement and Antapaccay's long-term operations, and Coroccohuayco is expected to extend the Antapaccay mine life to more than 40 years. According to the company's previously disclosed plans, the Antapaccay–Coroccohuayco brownfield expansion project is expected to produce an average of approximately 148,000 mt of copper per year over the mine life, with gold and silver as by-products. Going forward, attention will remain on obtaining the remaining permits and construction progress.

The $33/lb Mo support was breached on October 21, with midday bids falling to $32.70–32.80/lb Mo and an unconfirmed deal heard at $32.75/lb Mo. With overseas supply yet to tighten, Asian demand subdued and buyers’ cost tolerance falling, can the high-$32 range revive buying as annual contract talks approach? Let’s......