Copper futures climbed above $6.70 per pound on Tuesday, extending their winning streak to a sixth consecutive session as persistent supply concerns continued to underpin prices. According to Sprott Asset Management, global mined copper production could decline this year for the first time since 2017—despite record price levels—owing to operational disruptions, deteriorating ore grades, and subdued output from Chile.
Global mine production fell 1.1% year over year in the first half of 2026, while issues at major operations in Indonesia and the Democratic Republic of Congo have removed an estimated 600,000 tonnes from anticipated annual supply. Meanwhile, demand remains robust, driven by power grid expansion, AI data center construction, and defense-related uses.
Traders are also closely monitoring prospective US tariffs on copper. The Commerce Department has proposed duties of 15% starting in January 2027, rising to 30% from 2028 onward, subject to a final decision by the president.
