- Mitsubishi cuts copper processing amid profit squeeze
- Codelco boosts copper output as rivals face declines
Base metals prices on the London Metal Exchange (LME) saw negative trends d-o-d, except nickel, which increased by 0.69% to $15,260/tonne (t). Meanwhile, inventories at LME-registered warehouses registered mixed movements d-o-d, with aluminium recording the highest decline of 1.12%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 798,000/t ex-Delhi, up by INR 2,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 200,000/t.
Market updates
Mitsubishi Materials cuts copper processing amid profit squeeze
Mitsubishi Materials will partially shut its Onahama smelter and reduce copper concentrate processing as treatment and refining charges (TC/RCs) decline. Instead, the company is shifting towards more recycled raw materials to protect margins. Rival JX Advanced Metals has also considered production cuts, reflecting the Japanese smelting sector’s struggle under global copper cost pressures and a shift towards structural adjustments.
US, China extend tariff truce to Nov’25
The US and China extended their tariff truce by 90 days, averting a surge in duties of up to 145% on imports. The move provides stability for the holiday trade season and buys time for negotiations ahead of a possible Trump-Xi meeting. Both sides aim to address trade imbalances and national security concerns.
Chile’s Codelco boosts copper output as rivals face declines
Codelco, the world’s top copper miner, increased production by 17% in June 2025 to 120,200 t, according to Cochilco. In contrast, BHP’s Escondida mine saw a 33% drop to 76,400 t, while Collahuasi’s output, operated by Glencore and Anglo American, fell 29% to 34,300 t. This highlights Codelco’s standout performance.
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