Copper Extends Rally to Sixth Session
Copper futures rose above $6.70 per pound on Tuesday, marking a sixth straight session of gains as supply concerns continued to support prices. Sprott Asset Management said global mined copper output could decline this year for the first time since 2017, despite record prices, due to production disruptions, lower ore grades and weak Chilean output. Global mine production fell 1.1% year over year in the first half of 2026, while disruptions at major mines in Indonesia and the Democratic Republic of Congo cut an estimated 600,000 tonnes from expected annual output. At the same time, demand remains strong from power grids, AI data centers and defense. Traders are also watching US copper tariff plans, with the Commerce Department proposing duties of 15% from January 2027 and 30% from 2028, pending a presidential decision.
70 per pound on Tuesday, marking a sixth straight session of gains as supply concerns continued to support prices. Sprott Asset Management said global mined copper output could decline this year for the first time since 2017, despite record prices, due to production disruptions, lower ore grades and weak Chilean output. 1% year over year in the first half of 2026, while disruptions at major mines in Indonesia and the Democratic Republic of Congo cut an estimated 600,000 tonnes from expected annual output. At the same time, demand remains strong from power grids, AI data centers and defense.
Traders are also watching US copper tariff plans, with the Commerce Department proposing duties of 15% from January 2027 and 30% from 2028, pending a presidential decision.