Copper Remains Under Pressure

Copper futures slipped toward $6.5 per pound on Thursday, reaching two-week lows as investors assessed mixed economic data from top consumer China this week, while a weeklong holiday in the country is expected to weigh on trading activity. Data released Monday showed industrial profits in China rose 15.7% in the first eight months from a year earlier, slowing from a 17.6% increase recorded during January-July. Meanwhile, data on Wednesday showed China’s manufacturing sector returned to growth in September, improving the demand outlook in the world’s largest metals consumer. Supply developments also remain in focus, with Chilean production potentially affected by a strike at a site owned by Antofagasta Plc, while Panama’s government proposed restarting operations at a major mine in the country. Elsewhere, the Trump administration has so far delayed a decision on imposing tariffs on refined copper.

Copper futures fell toward $6.5 per pound, extending their retreat from record highs of $6.8 per pound in September, as softening economic data from top consumer China weighed on the demand outlook. Industrial profits in China increased 15.7% in the first eight months from a year earlier, slowing from a 17.6% rise during January-July. Meanwhile, supply concerns are reemerging after workers at Antofagasta’s Centinela site in Chile rejected the company’s final wage offer, paving the way for a strike. Last week, Operations at BHP’s Escondida copper mine in Chile, the world’s largest, were suspended after an accident killed a worker but operations are being resumed progressively. Copper prices advanced more than 4% in the third quarter as physical markets showed signs of tightness, and vast amounts of refined material were stockpiled in US warehouses on expectations that the Trump administration will introduce a tariff on imports.

Copper futures fell to around $6.55 per pound, extending their retreat from record highs as softening economic data from top consumer China weighed on the demand outlook. Industrial profits in China increased 15.7% in the first eight months from a year earlier, slowing from a 17.6% rise during January-July as subdued domestic demand offset strength in high-tech and AI-related manufacturing. On a monthly basis, industrial profits rose just 4.2% in August year-on-year, marking the slowest growth since November 2025. Last week, copper prices surged to fresh records as supply disruptions and tariff concerns fueled the rally. Operations at BHP’s Escondida copper mine in Chile, the world’s largest, were suspended indefinitely after an accident killed a worker. Meanwhile, the Trump administration has yet to decide on imposing US tariffs on refined copper, leaving markets focused on the potential policy move.