LME Cash-3M Backwardation/Contango and Open Interest Changes

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.

London BTC Company Limited (LSE:BTC, OTCQB:VINZF) announced on 5 October 2026 initial on-site pXRF results from its Black Star gold-critical minerals project in Pershing County, Nevada. A maiden programme collected 69 rock-chip samples along a 2.5km corridor between the Western and Eastern targets. pXRF readings showed antimony up to 0.44% Sb, copper up to 30.0% Cu, bismuth up to 0.73% Bi and silver up to 811 ppm Ag, with the antimony-copper association appearing at both ends of the corridor. The signature mirrors a historical 1985 sample 120m south of the claims (>1% Sb, 2% Cu, 700 ppm Ag). Earlier due-diligence sampling returned up to 16.23 g/t gold and 50.5 g/t silver. Samples are now with MSALABS for laboratory assays, with full multi-element geochemistry including antimony, tungsten and copper to follow. Copper, as a by-product credit, adds strategic appeal under US critical-minerals policy, though results remain preliminary field readings.