Copper Holds Elevated Levels

2026-10-09 09:57 By Andre Joaquim 1 min. read

Copper futures in the US rose past $6.61 per pound, not too far from the record high of $6.80 touched a month earlier, amid mounting threats to global supply and persistent speculative demand.

The risk of import tariffs on unprocessed copper goods triggered a surge in buying to front-load deliveries.

Consequently, prompt spreads on major Western exchanges surged.

Earlier threats of US duties prompted traders to redirect shipments to American warehouses, contributing to the recent rally in prices.

Meanwhile, a strike at Antofagasta's Centinela mine is set to curb output from one of the world's largest operations in the second half of October.

On the demand side, soaring orders for data centers, chip development, and battery storage for AI and electric vehicles in Asia continued to support the bull case for copper.

Near-term purchasing was also expected in China as manufacturers returned from holidays with low inventories.



News Stream
Copper Holds Elevated Levels
Copper futures in the US rose past $6.61 per pound, not too far from the record high of $6.80 touched a month earlier, amid mounting threats to global supply and persistent speculative demand. The risk of import tariffs on unprocessed copper goods triggered a surge in buying to front-load deliveries. Consequently, prompt spreads on major Western exchanges surged. Earlier threats of US duties prompted traders to redirect shipments to American warehouses, contributing to the recent rally in prices. Meanwhile, a strike at Antofagasta's Centinela mine is set to curb output from one of the world's largest operations in the second half of October. On the demand side, soaring orders for data centers, chip development, and battery storage for AI and electric vehicles in Asia continued to support the bull case for copper. Near-term purchasing was also expected in China as manufacturers returned from holidays with low inventories.
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Copper Rises Amid Supply Disruptions
Copper futures climbed toward $6.60 per pound on Thursday, recovering from the previous session’s losses as supply disruptions in top producer Chile lent support to prices. Two unions at Antofagasta’s Centinela project launched industrial action on Wednesday, warning that the strike could begin affecting production within about two weeks, although the company maintained its output guidance. Chile also recently reported that copper production fell in August to its lowest level since February 2011. Meanwhile, the Trump administration has yet to decide whether to impose potential tariffs on refined copper. Earlier threats of US duties prompted traders to redirect shipments to American warehouses, contributing to the recent rally in prices. On the demand side, copper activity in top consumer China remains subdued following a weeklong national holiday, potentially creating room for restocking in the coming weeks.
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