Copper Hits All-Time High

Copper  |  2026-09-23 00:19:55   |   By

Disruptions at major mines in Indonesia and the Democratic Republic of Congo have also reduced expected annual production by an estimated 600,000 tons.

SEATTLE (Scrap Monster): Copper futures climbed toward $6.8 per pound on Wednesday, reaching fresh all-time highs as persistent supply concerns and strong demand continued to drive prices higher.

Metals trader Sprott Asset Management said global mined copper production could decline this year for the first time since 2017 due to supply disruptions, declining ore grades and weak output from Chile.

Disruptions at major mines in Indonesia and the Democratic Republic of Congo have also reduced expected annual production by an estimated 600,000 tons.

On the demand side, consumption remains robust across power grids, AI data centers and the defense sector, while the recent rally in technology and AI stocks has further strengthened the demand outlook.

Elsewhere, traders are monitoring US copper tariff plans, with the Commerce Department proposing duties of 15% from January 2027 and 30% from 2028, pending a presidential decision.

Courtesy: www.tradingview.com