Shanghai bonded copper stocks added 6,800 mt on week

Ivanhoe Mines has tightened its 2026 copper production guidance for the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo to 290,000–310,000 tonnes, narrowing the previous forecast of 290,000–330,000 tonnes.​ The revised outlook, disclosed in Ivanhoe's second-quarter results on July 29, leaves the lower end of the guidance unchanged but reduces the upper end by 20,000 tonnes. Kamoa-Kakula produced 64,328 tonnes of copper in the second quarter, bringing production for the first half of 2026 to approximately 135,700 tonnes. The company's 2027 production guidance remains unchanged at 380,000–420,000 tonnes.​ The latest adjustment follows a more substantial reduction earlier this year. Ivanhoe had initially expected Kamoa-Kakula to produce between 380,000 and 420,000 tonnes of copper in 2026, before lowering the range to 290,000–330,000 tonnes. The latest revision therefore places expected 2026 production as much as 130,000 tonnes below the upper end of the original forecast.​ Operational challenges continued to affect mine performance during the second quarter. Industrial action resulted in nine days of lost mining at Kakula and seven days at Kamoa, although concentrator and smelter operations continued during the disruption. Mining operations subsequently returned to normal following the conclusion of collective bargaining negotiations in July.​ Ivanhoe expects production to strengthen during the second half of the year as underground mining rates increase and concentrate inventories are processed. The company's current guidance of 290,000–310,000 tonnes remains in place, according to its latest published project information.​ The narrowing of the guidance range further limits the potential upside to Kamoa-Kakula's copper supply this year. Given the scale of the operation, the pace of the second-half ramp-up will be important in determining whether production reaches the upper end of the revised range.

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MMG Limited has confirmed that mining and processing operations at its Las Bambas copper mine in Peru resumed from August 21, following a temporary suspension after a fatal workplace incident on August 18.​ In a voluntary announcement dated August 24, MMG said the mine and process plant had recommenced operations from August 21. The company referred back to its August 19 announcement concerning the incident, which resulted in the deaths of two workers.​ Operations at Las Bambas had been suspended while the company responded to the incident and relevant investigations were initiated. MMG said it continues to extend its condolences and support to the families, friends and colleagues of those involved.​ Las Bambas is one of Peru’s largest copper mines. The operation produced 410,834 mt of copper in copper concentrate in 2025, up 27% year on year and marking its second-highest annual copper output on record, according to MMG. Based on annual global mined copper production of roughly 23 million mt, Las Bambas alone accounts for around 1.8%, or approximately 2%, of worldwide copper mine output.​ The confirmed restart means the production interruption was limited to only a few days, reducing the immediate risk of a prolonged supply disruption from the operation. Given Las Bambas’ scale in the global copper market, an extended shutdown would have had a more meaningful impact on copper concentrate availability, while the August 21 restart suggests the near-term supply impact should remain limited.