In Q1, supported by the tight global supply of copper concentrates, the center of copper prices shifted significantly higher YoY, with the most-traded contract climbing to a historical high of RMB 83,320/mt.

According to SMM, preliminary data released by the Indian Ministry of Mines showed that India's aluminum production increased slightly by 0.9% to 3.836 million mt during the period from April to February of the fiscal year 2024-25. Government data indicated that aluminum production in the same period last year was 3.8 million mt. Meanwhile, refined copper production in the fiscal year 2024-25 grew by 7.1% to 497,000 mt. India is one of the top ten refined copper producers globally, ranks fourth in iron ore production, and is the second-largest aluminum producer. Developed economies regard aluminum as a strategic resource and have taken measures to protect their domestic industries.

According to SMM, Sumitomo Metal Mining, a Japanese copper smelter, announced plans to produce 433,000 mt of refined copper in the 2025/26 fiscal year starting this month, a decrease of 2.6% compared to the same period last year. The company plans to conduct a six-week maintenance at its Toyo Smelter & Refinery in western Japan starting in late October, and one-week maintenance at its nickel plant in May and December.