Japanese copper smelters' H1 output seen falling 1.3% y/y

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Japan's refined copper production in the first half of the 2025/26 financial year is expected to fall 1.3% year-on-year, Reuters calculations from plans outlined by smelters showed, as soft demand for wire and cable offsets firmer demand for copper alloy products.The first half of the financial year runs from April to September.Japan's largest copper supplier, Pan Pacific Copper (PPC), expects its first-half supply to remain nearly flat from a year earlier, with no scheduled maintenance, a company spokesperson said.PPC, jointly owned by JX Advanced Metals TSE:5016, Mitsui Mining and Smelting TSE:5706 and Marubeni TSE:8002, outsources smelting and refining operations to its parent companies' plants. It procures raw materials and sells refined metals. PPC expects domestic demand to stay in line with the previous year, as construction and electric wire demand remains weak due to labour shortages. Additionally, slow housing starts will weigh on copper alloy product demand, the spokesperson added.In March, the Japan Copper and Brass Association projected a 5.4% increase in domestic demand for copper alloy products in the 2025/26 financial year, which started this month, citing a recovery in the chip sector and slight growth in the auto sector. The Japan Electric Wire & Cable Makers' Association forecast a 0.4% decline in domestic copper wire and cable shipments for the current year, as stronger demand for electric power and exports will be countered by a drop in telecommunications. In December, Toho Zinc TSE:5707 announced business revitalization plans, under which it will suspend major facilities at its Annaka Smelter and Refinery, north of Tokyo, by the end of March 2025, effectively exiting the zinc smelting business.Below are the production plans of base metals in metric tons for October to March by key suppliers PPC, Sumitomo Metal Mining (SMM) TSE:5713, Mitsubishi Materials TSE:5711, Nittetsu Mining TSE:1515, Furukawa TSE:5715, Dowa Holdings TSE:5714, Mitsui Mining and Toho Zinc.The table shows comparisons against planned or estimated production in metric tons in the second-half and actual output in the first-half of the 2024/25 financial year that ended on March 31, with year-on-year percentage changes for the first half of 2025/26. H1H2H1FY25/26FY24/25FY24/25y/yCopperPPC303,600294,300305,700-0.7SMM216,000228,807221,593-2.5Mitsubishi213,540196,578214,85...

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