Most three-month base metal futures on the London Metal Exchange (LME) rose on November 19. Copper rose 1% to $10,802 per tonne, aluminum rose 0.9% to $2,814 per tonne, lead fell 0.6% to $2,014 per tonne, zinc was unchanged at $2,990 per tonne, tin rose 0.2% to $36,945 per tonne, and nickel fell 0.1% to $14,640 per tonne.

Chile's National Copper Commission (Cochilco), the country's largest copper producer, raised its copper price forecast to a record high on Wednesday. Cochilco now expects the average copper price to be $4.45 per pound in 2025 and has raised its 2026 forecast to $4.55 per pound, both higher than its previous estimate of $4.30 per pound and the highest forecast ever recorded by the commission. Victor Garay, the mining market coordinator for the committee, said that the upward trend in copper prices is expected to continue until at least 2030 due to supply lagging behind demand.

Rio Tinto, the world's second-largest miner, announced that it will cut production at its Yarwun alumina refinery in Gladstone, Queensland, Australia, by 40% starting next October. This move aims to extend the refinery's operational life to 2035 while the company studies long-term tailings and modernization solutions.

Rio Tinto stated that at current production levels, the refinery's existing tailings facilities are expected to reach capacity limits by 2031. This production cut will give Rio Tinto an additional four years to test and develop technological solutions that could support further life extension. The reduction will decrease annual alumina production by approximately 1.2 million tonnes and affect approximately 180 jobs. Rio Tinto stated that this will not affect customer supply or other operations, and bauxite mines and aluminum smelters will remain at full capacity.

Reuters reported that the Democratic Republic of Congo's (DRC) Ministry of Mines has extended its ban on mineral trade at dozens of artisanal mining sites in the conflict-ridden North Kivu and South Kivu provinces for another six months. The extended ban adds pressure to the global supply chain for tin, tantalum, and tungsten, metals essential raw materials for the electronics, automotive, and aerospace industries.

The ban, initially introduced in February, will remain in effect due to evidence that illicit supplies from the mines are funding armed groups in eastern Kivu. The order applies to 38 mines in the Masisi district of North Kivu and the Kalehe district of South Kivu, producing cobalt-tantalite, cassiterite, and ferromanganese tungsten—minerals used in the production of tin, tantalum, and tungsten.

The Democratic Republic of Congo (DRC) has announced a further extension of its ban on mineral trade at dozens of artisanal mines in its conflict-ridden eastern region. This decision is not only an extension of domestic security and governance issues but is also closely linked to international supply chains, multinational corporate responsibility, and the geopolitical struggle over strategic minerals. With the global electronics, automotive, and aerospace industries heavily reliant on key minerals such as tin, tantalum, and tungsten, the DRC's policy adjustment sends a significant risk signal to the global supply chain.

The Ministry of Mines stated that the ban was extended because substantial evidence shows that mineral supplies in the east are still being illegally used by armed groups to fund their continued operations. However, the DRC's central government has long had weak control over the east. Even though the ban can legally block supplies, its implementation is often hampered by geopolitical factors, corruption, and interference from local armed groups. Therefore, the extension of the ban does not reflect policy effectiveness but rather the ongoing conflict and its inability to be resolved in the short term.

The DRC is one of the world's largest sources of tantalum, a crucial raw material for capacitors widely used in mobile phones, computers, and automotive electronics. Tin and tungsten are also essential materials for electronic solders and aerospace components. The six-month extension of the ban means that major global companies—particularly in the technology and automotive industries—must re-examine whether their supply chains originate from the banned regions.

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