Off-season Month-end, Market Demand Insufficient [SMM Secondary Copper Daily Review]

This week (7.24-7.30), the operating rate of enamelled wire industry machines was down WoW...

[SMM Analysis: US and Europe Expand Copper Recycling Capacity as Scrap Localisation Takes Shape]The US and Europe are expanding recycling capacity and tightening resource policies to retain more copper scrap locally. Aurubis projects in Hamburg and Georgia will increase complex-feedstock processing, while export controls may further limit trade flows. Asian buyers could face higher payabilities, longer lead times and tighter supply.

Glencore produced 397,000 metric tons of copper in the first half of 2026, marking a 15% increase from 343,900 tons in H1 2025. The growth was primarily driven by higher mining volumes and improved ore grades at its African operations alongside stronger grades at the Antamina mine in Peru. Following the strong operational start, Glencore maintained its full-year copper production guidance at 810,000 to 870,000 tons. The company noted that H2 performance will be bolstered by higher recovery rates and improved mining output at the Collahuasi operation in Chile. Meanwhile, Glencore’s marketing unit delivered exceptional results, generating approximately $3.3 billion in adjusted core earnings (EBIT) in H1 alone. This puts the trading division on track to approach or exceed the top end of its full-year guidance range of $2.3 billion to $3.5 billion. In contrast, cobalt production dropped 46% year-over-year to 10,200 tons due to ongoing export quotas in the Democratic Republic of Congo. Glencore strategically prioritized copper processing, holding back cobalt volumes until export restrictions ease. Full H1 financial results are scheduled for release on August 5.