Japanese copper smelters’ H1 output seen rising 3.3% y/y

Japan’s refined copper production in the first half of the 2026/27 financial year is expected to rise 3.3% year-over-year, according to Reuters calculations based on smelters’ production plans, driven by firm demand for copper alloy products and wire for the power sector.

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 rise 7.5% from a year earlier, as operating rates at JX Advanced Metals’ smelters are seen to improve, a company spokesperson said.

PPC, which is 47.8% owned by JX Advanced Metals, 32.2% by Mitsui Mining and Smelting and 20% by Marubeni, outsources smelting and refining operations to its parent companies’ plants. It procures raw materials and sells refined metals.

In March, the Japan Copper and Brass Association projected a 1.2% increase in domestic demand for copper alloy products in the 2026/27 financial year starting this month, driven by strip products amid healthy global demand for the automotive and semiconductor sectors.

The Japan Electric Wire & Cable Makers’ Association forecasts a 0.6% increase in copper wire shipments for the current year, as the replacement of ageing equipment and projected demand for power supply to data centres will boost demand in the electric power sector.

Below are the production plans of base metals in metric tons for April to September by key suppliers PPC, Sumitomo Metal Mining (SMM), Mitsubishi Materials, Nittetsu Mining, Furukawa, Dowa Holdings, 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 2025/26 financial year that ended on March 31, with year-on-year percentage changes for the first half of 2026/27.

(By Yuka Obayashi; Editing by Eileen Soreng)