Copper Pulls Back from Record Highs

2026-08-10 03:55 By Jam Kaimo Samonte 1 min. read

Copper futures slipped below $6.6 per pound on Monday, retreating from record levels reached last week as traders took profits while weighing signs of tightening global supply.

Concerns over potential supply disruptions from the Democratic Republic of Congo’s copper concentrate export ban also eased, with Goldman Sachs saying it expected the measure to have no significant impact on global copper balances.

However, traders remained cautious over possible US import tariffs on copper, which continued to redirect metal from international markets into US warehouses.

On the demand front, data released over the weekend showed both consumer and producer inflation in top consumer China slowed in July, pointing to persistently weak domestic demand.

Data on Friday also showed China’s imports of unwrought copper and copper products dropped 11.5% year on year to 425,000 tonnes in July, while imports for January-July fell 6.2% to 2.92 million tonnes.



News Stream
Copper Pulls Back from Record Highs
Copper futures slipped below $6.6 per pound on Monday, retreating from record levels reached last week as traders took profits while weighing signs of tightening global supply. Concerns over potential supply disruptions from the Democratic Republic of Congo’s copper concentrate export ban also eased, with Goldman Sachs saying it expected the measure to have no significant impact on global copper balances. However, traders remained cautious over possible US import tariffs on copper, which continued to redirect metal from international markets into US warehouses. On the demand front, data released over the weekend showed both consumer and producer inflation in top consumer China slowed in July, pointing to persistently weak domestic demand. Data on Friday also showed China’s imports of unwrought copper and copper products dropped 11.5% year on year to 425,000 tonnes in July, while imports for January-July fell 6.2% to 2.92 million tonnes.
2026-08-10
Copper Scales Record Levels on Supply Worries
Copper futures climbed above $6.7 per pound on Friday, reaching fresh record highs as mounting global supply risks continued to support the market. The Democratic Republic of Congo has banned exports of copper concentrates, highlighting a growing trend among resource-rich nations to retain more value by expanding domestic refining and processing capacity. Concerns over potential US import tariffs on copper also continued to divert supplies from international markets into US warehouses. Meanwhile, operations at part of Codelco’s flagship El Teniente mine could remain suspended for up to two years, adding to supply concerns. On the demand side, copper remained supported by a strong outlook for power grid upgrades and data center expansion as the global shift toward electrification and artificial intelligence continued to drive consumption.
2026-08-07
Copper Rises to Record High
Copper futures rose to over $6.7 per pound on Thursday, a record high, amid mounting concerns of tight supply and signs of robust demand. The DR Congo announced a ban on exports of copper concentrate effective immediately. The move was in line with growth protectionism for ore-rich countries to spur the development of refining and processing capacity domestically. Meanwhile, development at a portion of Codelco's flagship El Teniente mine could remain suspended for as long as two years. Meanwhile, trading funds continued to take long positions on metal exchanges amid scarcity for on-warrant inventories, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement. Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade. Likewise, deliverable copper stocks an SHFE inventories nearly halved in July to 69.3 thousand tonnes.
2026-08-06