Copper Falls as Oyu Tolgoi Exports Resume

2026-06-18 04:31 By Jam Kaimo Samonte 1 min. read

Copper futures dropped below $6.4 per pound on Thursday, giving back gains from earlier in the week after Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia following a brief protest-related disruption.

Oyu Tolgoi is among the world’s largest copper mines and remains central to Rio Tinto’s strategy to increase production of a metal critical to electrification, the energy transition, and growing demand from data centers.

Copper also faced pressure after the US Federal Reserve left interest rates unchanged on Wednesday but signaled increasing support for rate hikes later this year.

The prospect of higher borrowing costs clouded the outlook for global economic activity and industrial metals demand.

Meanwhile, the US and Iran signed an interim peace agreement that is expected to lead to the reopening of the strategically important Strait of Hormuz.



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Copper Falls as Oyu Tolgoi Exports Resume
Copper futures dropped below $6.4 per pound on Thursday, giving back gains from earlier in the week after Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia following a brief protest-related disruption. Oyu Tolgoi is among the world’s largest copper mines and remains central to Rio Tinto’s strategy to increase production of a metal critical to electrification, the energy transition, and growing demand from data centers. Copper also faced pressure after the US Federal Reserve left interest rates unchanged on Wednesday but signaled increasing support for rate hikes later this year. The prospect of higher borrowing costs clouded the outlook for global economic activity and industrial metals demand. Meanwhile, the US and Iran signed an interim peace agreement that is expected to lead to the reopening of the strategically important Strait of Hormuz.
2026-06-18
Copper Holds Firm on US-Iran Peace Deal
Copper futures held around $6.5 per pound on Wednesday, hovering near record highs as risk appetite improved following reports that the US and Iran reached an agreement to end the conflict and reopen the Strait of Hormuz. Oil prices fell sharply after the announcement, easing concerns over stronger inflation and tighter monetary policy that had weighed on demand expectations for industrial metals. Copper also remained supported by longer-term demand themes tied to artificial intelligence and the energy transition, along with uncertainty around potential US import tariffs. Jefferies expects elevated copper prices to persist for longer than previously projected, pointing to an average annual supply deficit of 491,000 tons through 2030 and a slower-than-expected recovery at the Grasberg mine.
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Copper Rebounds on US-Iran Deal Optimism
Copper futures climbed to around $6.4 per pound on Friday, recovering from three-week lows as rising optimism over a potential US-Iran peace agreement eased concerns about global growth and industrial metals demand. President Donald Trump said a deal could be signed as soon as this weekend in Europe, although there has been no confirmation from Tehran. Meanwhile, stronger-than-expected US inflation data bolstered bets for a Federal Reserve interest rate hike later this year. The outlook for metals demand remains clouded by the prospect of tighter monetary policy, which could slow economic activity and industrial consumption over time. Separately, Jefferies expects copper prices to stay elevated for longer than previously anticipated, citing an average annual supply deficit of 491,000 tons through 2030 and a slower-than-expected recovery at the Grasberg mine.
2026-06-12