Morning offers increase, downstream fear of high prices, sellers and buyers in tug-of-war [SMM Yangshan Spot Copper]

First Quantum Minerals produced 184,929 tonnes of copper in Zambia during the first half of 2026, marking a 5% year-over-year increase from 176,116 tonnes recorded in H1 2025. This performance keeps the country's largest copper producer firmly on track to meet its full-year guidance. The growth was driven by solid operational outputs across both of its primary Zambian assets. Kansanshi reached 89,342 tonnes in H1—up from 86,647 tonnes in H1 2025—supported by strong processing throughput in its S3 expansion circuit. Sentinel also delivered higher volume, producing 95,587 tonnes compared to 89,469 tonnes in the same period last year. Following the H1 results, First Quantum maintained its 2026 production guidance of up to 205,000 tonnes for Kansanshi and 220,000 tonnes for Sentinel. Reaching these targets would push the company’s total annual output past 370,000 tonnes, exceeding the 361,000 tonnes produced locally in 2025. For H2, the miner anticipates stronger performance driven by higher plant throughput, improved recovery rates, and elevated ore grades at Sentinel. As First Quantum operations accounted for 41% of Zambia's 890,346 tonnes total output in 2025, this continued momentum plays a central role in supporting the Zambian government’s ambitious target to exceed 1 million tonnes of national copper production in 2026.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 30 Jul , 2026