SMM5 May 26 North China Copper spot Market Express: downstream maintenance just need to rise the water level with yesterday

South Africa is advancing amendments to its Second-Hand Goods Act that would further tighten controls on scrap trading, including copper, brass, bronze, aluminium, zinc, lead, nickel, tin and cobalt. Under the proposed framework, recyclers acquiring controlled metals from individuals would be explicitly required to make electronic payments and maintain detailed transaction records, while purchases from scrap-metal waste pickers would require names and identification numbers to be recorded. Public comments on the bill remain open until November 2. The legislation targets widespread cable and infrastructure theft, with copper cable theft alone estimated to cost Eskom around R5–7 billion annually, plus roughly R2 billion in replacement costs. While South Africa has already been moving toward cashless scrap transactions, the amendment would strengthen the statutory framework around traceable electronic payments, seller identification and transaction records. If enacted, compliance requirements across South Africa's copper scrap collection, recycling and trading chain would tighten further, potentially restricting the flow of anonymous or informal material into the legitimate market.

Cobre Panamá could again become a major source of global copper supply if Panama and First Quantum agree on a new operating framework. The mine produced 330.9 kt of copper in 2023 and historically supplied around 1% of global output. While stockpile processing has resumed, fresh mining remains suspended. Any restart would likely be phased, with timing dependent on negotiations, legal conditions and operational remobilisation.

Vedanta has unveiled a major investment plan, under which Vedanta Copper intends to invest $2.3 billion in India and Saudi Arabia over the next three to four years, targeting annual copper production of more than 1 million tonnes by 2030. The company aims to produce 500,000 tonnes annually in both India and Saudi Arabia, alongside existing production of 100,000 tonnes in Fujairah, UAE. Around $2 billion will be invested in Saudi copper mining, smelting and rod projects, with an investment decision on the proposed Saudi copper smelter expected this quarter. Vedanta is also seeking to restart its Tuticorin copper smelter in India, which has been closed since 2018. The company expects a court ruling within three months and, subject to approval, plans to invest $250 million in refurbishing the facility, targeting a restart within eight to nine months and annual copper output of 250,000 tonnes. Meanwhile, its Silvassa facility is operating at around 95% capacity, with annualised copper cathode production exceeding 245,000 tonnes.