[Chile's July 2026 Lithium Carbonate Exports 23,400 mt, Lithium Sulfate Exports 7,700 mt] According to Chile's customs export data, in July 2026, Chile's total lithium carbonate exports were 23,400 mt, up 8.31% MoM and up 11.63% YoY. Of which, exports to China were 15,051 mt, down 0.29% MoM but up 10.4% YoY; exports to South Korea were 4,023 mt, up 6.92% MoM but down 34.18% YoY; exports to Japan were 1,589 mt, up 1.29% MoM and up 158.1% YoY. In July 2026, Chile's total lithium sulfate exports were 7,700 mt, all to China, down 48.38% MoM and down 25.75% YoY.

Data from Chile’s copper commission Cochilco showed that Escondida, controlled by BHP, produced 111,400 metric tons of copper in June, up 45.8% year on year. Collahuasi, partly owned by Anglo American and Glencore, produced 34,900 tons, up 1.7%. Codelco’s output fell 4.8% year on year to 114,400 tons.

Chile will reinvest all of Codelco’s 2025 profits back into the state-owned copper miner, Mining Minister Daniel Mas said. The move aims to support Codelco’s financial recovery and major structural projects as it faces aging mines, rising costs and high debt. Codelco reported net profit of $2.4 billion in 2025, while net debt stood at $25.1 billion.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $14,122.5/mt, drifted lower in early trading to touch a low of $14,069/mt, then the price center gradually moved up to test $14,177/mt, and subsequently drifted lower again to close at $14,120/mt, up 0.7%, with trading volume of 15,000 lots and open interest of 259,000 lots, an increase of 1,164 lots from the previous session, represented by bulls adding positions. Overnight, the most-traded SHFE copper 2609 contract opened at 107,850 yuan/mt, drifted lower in early trading to test 107,450 yuan/mt, then the price center moved up sharply to touch 108,060 yuan/mt, and finally closed at 107,790 yuan/mt, up 0.16%, with trading volume of 27,400 lots and open interest of 212,000 lots, a decrease of 2,287 lots from the previous session, represented by bears reducing positions.

According to foreign media reports, India's state-owned Hindustan Copper is exploring plans to supply copper concentrate sourced from Chilean state miner Codelco to domestic producers Hindalco Industries and Adani, as India seeks to secure raw materials for its expanding copper industry. Hindustan Copper, Coal India and NTPC Mining are reportedly assessing opportunities involving four copper mining blocks held by Codelco in Chile. Hindustan Copper signed a preliminary cooperation agreement with Codelco in 2025, followed by a non-disclosure agreement in May 2026, with due diligence now underway. The move comes against a widening gap between India's copper consumption and domestic supply. India currently produces around 573,000 mt of refined copper annually, while domestic demand is estimated at approximately 1.8 million mt. Government estimates suggest that the country could eventually depend on imports for 91%-97% of its copper concentrate requirements by 2047. India has been expanding domestic copper smelting and refining capacity as electricity infrastructure, renewable energy, manufacturing and transport increase demand for the metal. However, expanding processing capacity without a corresponding increase in domestic mine supply increases the country's exposure to the international concentrate market. Securing access to Chilean resources could therefore provide Indian smelters with greater long-term supply security while reducing reliance on spot concentrate purchases. Market Impact: India's push into overseas copper resources could introduce additional competition for internationally traded concentrate at a time when mine supply growth is struggling to keep pace with expanding global smelting capacity. As India builds out its copper processing industry, its growing requirement for imported feedstock could increasingly influence Asian concentrate trade flows and competition for long-term supply contracts.

Hindustan Copper is conducting due diligence and is open to partners for the JV, such as Coal India and NTPC Mining.