Group 1 - Kazakhstan's copper production in January 2026 decreased by 9.4% year-on-year, with refined copper output at 38,641 tons, down 0.9% from December 2025 [2] - Refined zinc production in January 2026 was 20,258 tons, a 6.6% decrease from December 2025 and a 7.8% decrease year-on-year [2] - Aluminum oxide and unrefined aluminum production in January 2026 totaled 140,392 tons, down 4.9% month-on-month and 9.7% year-on-year [2] - Ferroalloy production in January 2026 was 180,505 tons, showing a significant month-on-month decline of 55.3% and a year-on-year decrease of 5.3% [2] Group 2 - Crude steel production in January 2026 was 339,523 tons, reflecting a 23.5% decrease from December 2025 and a 5.7% year-on-year decline [3] - Refined gold output in January 2026 was 4,271 kilograms, down 38.2% from December 2025 but up 25.7% year-on-year [3] - Refined silver production in January 2026 reached 53,288 kilograms, a 7.7% decrease month-on-month but a significant year-on-year increase of 68.5% [3] - Overall, Kazakhstan's major metal production in January 2026 showed a general month-on-month decline, with ferroalloy and crude steel experiencing the most significant drops, while refined gold and silver saw year-on-year growth [3]

Group 1 - Global copper inventories have exceeded 1 million tons for the first time in over 20 years, primarily due to weak demand from China and rising inventories in the U.S. [2] - The total copper inventory at the London Metal Exchange (LME) and Shanghai Futures Exchange (ShFE) reached 1,012,065 tons, the highest level since August 2003, accounting for approximately 3.5% of the International Copper Study Group's forecasted global refined copper consumption of 28.7 million tons in 2026 [2] - The ShFE copper inventory increased by 9.5% week-on-week, reaching 272,475 tons, the highest level in 18 months, as demand in China remains subdued ahead of the upcoming Spring Festival [2] Group 2 - Over half of the global copper inventory, amounting to 535,715 tons, is stored at the New York Commodity Exchange (Comex), with all warehouses located in the U.S. [3] - Recent trends show a slowdown in inventory growth at Comex as higher LME prices attract more copper to LME warehouses, which now hold 203,875 tons, the highest since April [3] - A significant amount of inventory is being transferred from Baltimore, and it is expected that Comex inventory will not see a substantial decline until U.S. tariff policies are clarified [3] Group 3 - China's copper industry faces three major challenges: increasing dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3]

Group 1 - The proportion of Chinese copper in LME available inventory decreased from 79% in December to 70% in January, due to inflows of copper from other Asian countries, South America, and Africa [2] - The total available copper inventory in LME reached its highest level since February 2025, with Chinese copper inventory increasing from 87,475 tons in December to 95,150 tons by the end of January [2] - Inflows of 18,400 tons of copper from Chile, Peru, India, South Korea, and the Democratic Republic of Congo diluted the share of Chinese copper in LME warehouses [2] Group 2 - The share of Russian copper in available inventory is 9%, amounting to 12,600 tons [2] - Chinese nickel accounted for 72% of LME available inventory, an increase of 3 percentage points from the previous month [2] - The available inventory of Russian aluminum remained at 58%, while Indian aluminum's share decreased by 3 percentage points to 36% [2] Group 3 - The available inventory of Russian aluminum decreased by 2,350 tons to 255,075 tons, and Indian aluminum inventory decreased by 19,950 tons to 156,725 tons [2] - Starting April 13, 2024, LME will prohibit the storage of Russian metals in its warehouse system due to sanctions imposed by the US and UK related to the Russia-Ukraine conflict [2][3] Group 4 - China's copper industry faces three major challenges: increasing dependence on foreign upstream resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [4]

Group 1 - Standard Chartered Bank forecasts that the average copper price will be $12,213 per ton in 2026, with an expected average of $12,950 per ton in the first half and $11,475 per ton in the second half [2] - The bank also predicts that the average aluminum price will be $3,098 per ton in 2026, with an expected average of $3,143 per ton in the first half [2] Group 2 - China, as the largest copper consumer globally, faces three major challenges: increasing dependence on foreign resources in the upstream, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [2] - To assist the industry in addressing these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry chain enterprises to compile the "2026 China Copper Industry Chain Distribution Map" in both Chinese and English [2]