Copper Pares Early Losses

2026-06-22 12:56 By Andre Joaquim 1 min. read

Copper futures were above $6.35 per pound on Monday as the pullback in energy prices improved the outlook for broad manufacturing demand.

Iran stated that the start of discussions with the US were promising to follow up on their memorandum of understanding signed in the previous week.

The document sought to restore exports of oil and fuel through the Strait of Hormuz, improving the margins for goods producers and benefiting base metals with broad use.

At the same time, the decrease in borrowing costs from the developments improved prospects for data center operators to raise cash for new projects.

Data centers require 5,000 to 50,000 tons of copper per facility, per BHP, set to lift consumption in the near future.

In turn, a sharper rebound was prevented by the return of sulfuric acid supply from prospects of peace in the Middle East, key for the copper refining chain, while Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia.



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Copper Pares Early Losses
Copper futures were above $6.35 per pound on Monday as the pullback in energy prices improved the outlook for broad manufacturing demand. Iran stated that the start of discussions with the US were promising to follow up on their memorandum of understanding signed in the previous week. The document sought to restore exports of oil and fuel through the Strait of Hormuz, improving the margins for goods producers and benefiting base metals with broad use. At the same time, the decrease in borrowing costs from the developments improved prospects for data center operators to raise cash for new projects. Data centers require 5,000 to 50,000 tons of copper per facility, per BHP, set to lift consumption in the near future. In turn, a sharper rebound was prevented by the return of sulfuric acid supply from prospects of peace in the Middle East, key for the copper refining chain, while Rio Tinto resumed exports of copper concentrate from its giant Oyu Tolgoi mine in Mongolia.
2026-06-22
Copper Falls as Oyu Tolgoi Exports Resume
Copper futures dropped to around $6.3 per pound on Monday, extending recent losses 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 last week 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 have agreed on a roadmap to reaching a final deal in 60 days, allaying market fears after both sides exchanged renewed threats over hostilities in Lebanon.
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.
2026-06-15