Copper Hovers Close to Record High

2026-09-07 11:21 By Andre Joaquim 1 min. read

Copper futures in the US were above $6.6 per pound on Monday, hovering close to the record-high of $6.7 that was tested late August on mounting concerns to supply.

The escalation of strikes between the US and Iran prolonged the suspension of usual commercial vessel flows through the Strait of Hormuz.

This worsened ongoing shortages of sulfuric acid for refiners in key South American hubs, as supply pressures from GCC countries drove China to halt their exports.

This was magnified by lingering concerns that the US presidential administration is could impose tariffs on unprocessed copper goods triggered a surge in buying to front-load deliveries.

Consequently, backwardation curves steepened both in major Western copper exchanges.

Mined supply has also faltered with reports from Codelco and Freeport-McMoRan posting double digit declines in production, shortly after the International Copper Study Group pointed to a 1.1% decline in global production in the first half of the year.



News Stream
Copper Hovers Close to Record High
Copper futures in the US were above $6.6 per pound on Monday, hovering close to the record-high of $6.7 that was tested late August on mounting concerns to supply. The escalation of strikes between the US and Iran prolonged the suspension of usual commercial vessel flows through the Strait of Hormuz. This worsened ongoing shortages of sulfuric acid for refiners in key South American hubs, as supply pressures from GCC countries drove China to halt their exports. This was magnified by lingering concerns that the US presidential administration is could impose tariffs on unprocessed copper goods triggered a surge in buying to front-load deliveries. Consequently, backwardation curves steepened both in major Western copper exchanges. Mined supply has also faltered with reports from Codelco and Freeport-McMoRan posting double digit declines in production, shortly after the International Copper Study Group pointed to a 1.1% decline in global production in the first half of the year.
2026-09-07
Copper Eases on Fed Rate Hike Concerns
Copper futures slipped to around $6.55 per pound on Monday, ending a two-day rally as stronger-than-expected US jobs data strengthened expectations for a Federal Reserve rate hike this month, weighing on the demand outlook for industrial metals. Investors also assessed rising inflation risks after oil prices extended their gains as the US and Iran exchanged strikes on ships over the weekend. Still, copper remained near record highs amid persistent concerns over supply. Analysts pointed to a recent export ban in Congo, weaker production from major producers Chile and Peru, and disruptions associated with El Nino. Data showed top producer Chile recorded its weakest second-quarter output in at least 19 years. The country also lowered its full-year production forecast for a second consecutive quarter and now expects output to decline 2.6%. Elsewhere, uncertainty over tariffs continues to encourage copper shipments into the US, pushing Comex inventories to record levels.
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Copper Holds Gains as Supply Risks Persist
Copper futures traded around $6.57 per pound on Friday, holding recent gains as ongoing supply-side challenges continued to support prices. Analysts highlighted a recent export ban from Congo, along with weaker output from major producers Chile and Peru and disruptions linked to El-Nino. Chile’s copper production fell 9.4% year-on-year in July due to severe weather and mine maintenance. China’s refined copper production also declined 3% to 1.1 million tons in June. Meanwhile, tariff uncertainty continues to encourage shipments into the US, pushing Comex inventories to record highs while tightening supplies elsewhere. On the demand side, renewed hostilities between the US and Iran raised concerns that elevated energy prices could weigh on global economic activity and metals demand.
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