
China copper output set for rare September fall as tax change hits scrap supply
China’s refined copper production in September is forecast for a rare fall, the first for the period since 2016, analysts say, as newly introduced tax regulations constrain the supply of scrap copper.September output from the world’s largest producer and consumer of refined copper is expected to drop by 4%-5% from August’s level, according to research agencies Shanghai Metals Market (SMM), Mysteel, and Benchmark Minerals Intelligence (BMI).That, coupled with expectations for a US Federal Reserve interest rate cut, could support copper prices, said analysts.

Iron ore price extends gain as Goldman Sachs lifts fourth-quarter price forecast
Prices of iron ore futures climbed for a second straight session on Wednesday, as Goldman Sachs raised its average price forecast for the fourth quarter of this year to $95 a metric ton from $90 a ton previously.The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 0.71% higher at 777 yuan ($108.63) a ton.The benchmark October iron ore on the Singapore Exchange was up 0.39% at $102.85 a ton, as of 0721 GMT.Goldman Sachs maintained its 2026-end price forecast of $80 a ton.

Russia’s August mineral extraction tax proceeds set to rise 3.5%
Russia’s total mineral extraction tax proceeds on crude oil for August production are set to rise by around 3.5% to 600 billion roubles ($7.42 billion), compared with 580 billion roubles in July, Reuters calculations showed.The increase was driven by a $13.8 per metric ton rise in the export duty, according to the MET formula, and a 1.77% weakening of the rouble against the US dollar.Russia’s August MET revenue on oil will fall short of the monthly target set by the government, Reuters calculations showed.