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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":559,"relatedVideos":560},147079541774268,"56723a75-8211-444d-bcce-79492d489664","Albert Mackenzie","albert-mackenzie","authors/albert-mackenzie",{"x":547,"bio":548,"_uid":549,"email":547,"image":550,"linkedin":555,"component":556,"job_title":557,"markets_covered":558,"certification_name":547,"certification_recoginition":547,"certification_recoginition_url":547,"formattedDate":547,"formattedArticleDate":547},"","Albert is Benchmark's copper reporter, covering both supply and demand on the short term and adding narratives to the data and price movements. Albert writes the copper briefing and a lot of Benchmark's near term copper coverage.","3fe5304f-d647-4ddf-bf2d-018b1e860702",{"id":551,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":552,"copyright":547,"fieldtype":553,"meta_data":554,"is_external_url":50},158448809391855,"https://a.storyblok.com/f/287943243085208/717x799/ffff7198e8/albert.jpeg","asset",{},"https://www.linkedin.com/in/albert-mackenzie-b34681149/","author","Copper Analyst & Market Reporter","Copper",[],[],[562,798,1008,1132,1328,1445,1693,1906,2090],{"id":563,"uuid":564,"name":565,"slug":566,"full_slug":567,"content":568},176725282455162,"ed7c7eb1-1019-47c3-a66d-a91a41dacb06","Explained: Opposing factors from Iran leave copper price elevated despite pressures","explained-how-opposing-pressures-from-iran-war-are-keeping-copper-price-steady","article/explained-how-opposing-pressures-from-iran-war-are-keeping-copper-price-steady",{"_uid":569,"date":570,"tags":571,"editor":586,"content":596,"excerpt":776,"featured":51,"reporter":777,"component":781,"seo_title":782,"categories":783,"visibility":789,"data_vis_image":790,"featured_image":792,"seo_description":796,"formattedDate":797},"74927e2a-ca29-4041-a828-f3849b4f6d7f","2026-05-15 00:00",[572,575,578,580,583],{"slug":573,"name":574},"saudi-arabia","Saudi Arabia",{"slug":576,"name":577},"uae","UAE",{"slug":579,"name":579},"sulphur",{"slug":581,"name":582},"sulphuric-acid","sulphuric acid",{"slug":584,"name":585},"copper-prices","copper prices",[587],{"slug":588,"name":589,"content":590},"benjamin-roche","Benjamin Roche",{"job_title":591,"image":592,"bio":594,"linkedin":595},"Editor – Energy Transition Supply Chains",{"filename":593},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":597,"content":598},"doc",[599,618,632,642,647,652,662,667,672,677,682,689,694,701,715,720,725,730,735,763],{"type":600,"attrs":601,"content":602},"paragraph",{"textAlign":49},[603,606,616],{"text":604,"type":605},"Copper has remained relatively flat since the start of ","text",{"text":607,"type":605,"marks":608},"the conflict in Iran",[609],{"type":610,"attrs":611},"link",{"href":612,"uuid":613,"anchor":49,"target":614,"linktype":615},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-4-2026","97907a30-c27d-4376-9431-f5ea8a5826ff","_blank","story",{"text":617,"type":605},", though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.",{"type":600,"attrs":619,"content":620},{"textAlign":49},[621,623,630],{"text":622,"type":605},"Higher interest rates and inflation as a result of the war could add to mining and smelting costs, pushing prices higher. In the short term, however, and with ",{"text":624,"type":605,"marks":625},"prices generally very high ",[626],{"type":610,"attrs":627},{"href":628,"uuid":629,"anchor":49,"target":614,"linktype":615},"/article/five-copper-market-takeaways-from-cesco-week-2026","aac562d8-8005-4973-a83a-ee2fed8470cc",{"text":631,"type":605},"at present, increased borrowing costs could slow demand and exert downward pressure.",{"type":633,"attrs":634},"blok",{"id":635,"body":636},"c4b5c88e-77d1-47bb-b2f1-8bc2f8534f56",[637],{"id":638,"_uid":639,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28986315","i-8f1c5668-01dd-4a05-b3f7-4600f4ce7bbd","visualisation","ContentFlourish",{"type":600,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":605},"The highly uncertain global macroeconomic outlook will likely lead to less volatile prices as the implications for copper come into view, says Benchmark analyst Albert Mackenzie.",{"type":600,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":605},"“The impacts of the conflict are many and both bullish and bearish for copper prices, explaining the seeming resilience of the copper price, but also why it even occasionally reacts positively to news that on the surface may not seem it,” he adds.",{"type":653,"attrs":654,"content":656},"heading",{"level":655,"textAlign":49},2,[657],{"text":658,"type":605,"marks":659},"Gulf consumption likely to fall",[660],{"type":661},"bold",{"type":600,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":605},"Benchmark expects copper demand to be affected more than supply in the region and globally, though this will be offset somewhat in the longer term by likely increased investment in energy self-sufficiency.",{"type":600,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":605},"In 2025, Iran produced 361kt of mined copper and 327kt of refined copper, with consumption of 193kt. News reports indicate two Iranian smelters that produced a combined 280kt of refined copper in 2025 have closed, but production in the region more broadly is relatively insignificant.",{"type":600,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":605},"Saudi Arabia and the UAE are not producers. They are, however, relatively large consumers of copper, consuming 191kt and 396kt in 2025 respectively, with much of this moving through the Strait of Hormuz. Demand in Iran is also likely to be challenged by the effects of the war on its economy. Beyond the Middle East itself, higher energy prices could cut consumption across economies in the immediate term, including of copper-containing products.",{"type":600,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":605},"There will, in the longer term, be some price support from the strengthened case for investment in locally available energy sources and grids. This bolsters base-case bullishness on electrical infrastructure growth as a demand driver, which currently accounts for just over 30% of global demand, expected to grow at 3.6% CAGR across between 2025 and 2030.",{"type":653,"attrs":683,"content":684},{"level":655,"textAlign":49},[685],{"text":686,"type":605,"marks":687},"Energy trading crowding-out",[688],{"type":661},{"type":600,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":605},"Among participants, the increased profitability of energy trading means some players have had to liquidate other positions to free up capital for energy trading, pressuring other commodities, potentially including copper. However, sources have noted copper trading remains a more interesting prospect than some metals, and it therefore may have retained interest better than other commodities.",{"type":653,"attrs":695,"content":696},{"level":655,"textAlign":49},[697],{"text":698,"type":605,"marks":699},"Sulphuric acid tightness will increase SX-EW costs",[700],{"type":661},{"type":600,"attrs":702,"content":703},{"textAlign":49},[704,706,713],{"text":705,"type":605},"The closure of the Strait of Hormuz has heavily strained the global supply of ",{"text":707,"type":605,"marks":708},"sulphur and sulphuric acid",[709],{"type":610,"attrs":710},{"href":711,"uuid":712,"anchor":49,"target":614,"linktype":615},"/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","80b2b4fa-1a1a-4ed8-8906-268000529283",{"text":714,"type":605},", of which Gulf states are major producers. This will increase the cost of SX-EW production.",{"type":600,"attrs":716,"content":717},{"textAlign":49},[718],{"text":719,"type":605},"Depending on the scale of the disruption, Benchmark is currently forecasting a resultant 70-200kt disruption to Chilean SX-EW production, while the DRC, which uses less acid in production per tonne of copper produced but is the world’s largest SX-EW producer, could also be affected. Any offsetting impacts of sulphuric acid made available from SX-EW are expected to be felt later in 2026 or in 2027. ",{"type":600,"attrs":721,"content":722},{"textAlign":49},[723],{"text":724,"type":605},"Some sources have suggested mines may reduce production, though this has yet to materialise. ",{"type":600,"attrs":726,"content":727},{"textAlign":49},[728],{"text":729,"type":605},"Benchmark expects sulphuric acid tightness to positively impact smelter profitability. Global refined supply will likely remain unmoved by this, however, as smelter utilisation rates are as high as possible, given the concentrate deficit. ",{"type":600,"attrs":731,"content":732},{"textAlign":49},[733],{"text":734,"type":605},"While smelters benefit from higher acid prices, they are already processing all available concentrates, meaning there will be no significant change to the refined copper balance. Fuel availability could be a concern for the copper industry, though not an immediate one, according to sources. Logistics cost increases could also increase production costs, though not significantly.",{"type":600,"attrs":736,"content":737},{"textAlign":49},[738,743,751,755],{"text":739,"type":605,"marks":740},"This articles draws on data and analysis from ",[741],{"type":742},"italic",{"text":744,"type":605,"marks":745},"Benchmark's Copper Service",[746,750],{"type":610,"attrs":747},{"href":748,"uuid":49,"anchor":49,"target":614,"linktype":749},"https://www.benchmarkminerals.com/copper","url",{"type":742},{"text":752,"type":605,"marks":753},". To find out more, fill in the form below and one of the team will be in touch",[754],{"type":742},{"text":756,"type":605,"marks":757},":",[758,762],{"type":759,"attrs":760},"textStyle",{"color":761},"black",{"type":742},{"type":633,"attrs":764},{"id":765,"body":766},"217ad5f2-df22-4bfa-9acc-e7edd4dc94ef",[767],{"id":768,"_uid":769,"component":770,"wrap_in_box":50,"redirect_url":771,"success_file":773,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":775,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-312cdfff-b6aa-4d66-b77f-7b9b324721cd","ContentHubspotForm",{"id":547,"url":547,"linktype":615,"fieldtype":772,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":774},{},[],"Copper has remained relatively flat since the start of the conflict in Iran, though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.\n\nHigher interest rates and inflation as a result of the war could add to mining and smelting costs, pushing prices higher. In the short term, however, and with prices generally very high at present, increased borrowing costs could slow demand and exert downward pressure.",[778],{"slug":544,"name":543,"content":779},{"job_title":557,"image":780,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"article","Opposing factors from Iran leave copper elevated amid pressures",[784,786],{"slug":785,"name":558},"copper",{"slug":787,"name":788},"critical-minerals","Critical Minerals","public",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":791},{},{"id":793,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":794,"copyright":547,"fieldtype":553,"meta_data":795,"is_external_url":50},129065017062891,"https://a.storyblok.com/f/287943243085208/f7fcce11ba/bm-anglo-american-copper-south-africa.jpg",{},"Copper has remained relatively flat since the start of the conflict in Iran, though it has shown some volatility day-to-day. Its apparent steadiness is a result of pressures both upward and downward on its price.","May 15, 2026",{"id":799,"uuid":629,"name":800,"slug":801,"full_slug":802,"content":803},168290592067569,"Five copper market takeaways from CESCO Week 2026","five-copper-market-takeaways-from-cesco-week-2026","article/five-copper-market-takeaways-from-cesco-week-2026",{"_uid":804,"date":805,"tags":806,"editor":817,"content":821,"excerpt":993,"featured":51,"reporter":994,"component":781,"seo_title":800,"categories":998,"visibility":789,"data_vis_image":1000,"featured_image":1002,"seo_description":1006,"formattedDate":1007},"8415eb6f-87c6-4419-a7ac-7f4f8a67bd04","2026-04-21 00:00",[807,810,813,816],{"slug":808,"name":809},"cesco","CESCO",{"slug":811,"name":812},"lme","LME",{"slug":814,"name":815},"cme","CME",{"slug":581,"name":582},[818],{"slug":588,"name":589,"content":819},{"job_title":591,"image":820,"bio":594,"linkedin":595},{"filename":593},{"type":597,"content":822},[823,837,842,850,855,868,873,880,887,892,897,902,909,914,919,924,931,936,941,946,953,958,963,968,983],{"type":600,"attrs":824,"content":825},{"textAlign":49},[826,828,835],{"text":827,"type":605},"Last week, market participants from across the world met in Santiago to discuss ",{"text":829,"type":605,"marks":830},"the copper market",[831],{"type":610,"attrs":832},{"href":833,"uuid":834,"anchor":49,"target":614,"linktype":615},"/videos/why-is-copper-so-important-","b6687505-5e70-4cd8-b366-594ead6e70bb",{"text":836,"type":605},", though at times the conference was more focused on acid than the red metal.",{"type":600,"attrs":838,"content":839},{"textAlign":49},[840],{"text":841,"type":605},"Participants were meeting as prices near all-time highs, exchange stocks remain swollen, and TCs continue to fall. There was certainly no shortage of things to discuss in Chile.",{"type":653,"attrs":843,"content":845},{"level":844,"textAlign":49},1,[846],{"text":847,"type":605,"marks":848},"Sulphuric acid takes the focus",[849],{"type":661},{"type":600,"attrs":851,"content":852},{"textAlign":49},[853],{"text":854,"type":605},"Much of CESCO this year was as focused on sulphuric acid as on copper. The conflict in the Gulf has drastically increased acid prices; in China, prices have roughly doubled since the start of the conflict.",{"type":600,"attrs":856,"content":857},{"textAlign":49},[858,860,866],{"text":859,"type":605},"China is reportedly set to ",{"text":861,"type":605,"marks":862},"ban exports of sulphuric acid exports",[863],{"type":610,"attrs":864},{"href":865,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://intelligence.benchmarkminerals.com/article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply",{"text":867,"type":605}," as a result. This, along with reduced flow out of the Gulf, may affect SX-EW production, which relies on acid. However, the extent of any potential disruption is less clear.",{"type":600,"attrs":869,"content":870},{"textAlign":49},[871],{"text":872,"type":605},"On the other side, higher acid prices will help smelters and could pull TC/RCs down even further. However, only smelters in China are likely to be able to exploit the higher prices. This is because ex-China smelters tend to lock in prices on a longer-term basis.",{"type":633,"attrs":874},{"id":875,"body":876},"81ab6195-5185-43b2-a749-2d1ac506d23f",[877],{"id":878,"_uid":879,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28628770","i-bba8fbf7-1f89-421e-be9b-78e4f706fe7e",{"type":653,"attrs":881,"content":882},{"level":844,"textAlign":49},[883],{"text":884,"type":605,"marks":885},"Low TC/RCs and changing smelter economics",[886],{"type":661},{"type":600,"attrs":888,"content":889},{"textAlign":49},[890],{"text":891,"type":605},"Copper concentrate TC/RCs are hitting ever lower lows in recent weeks. A well-attended BHP tender reportedly closed for smelter purchasing at USD $-78/t. This is down from $-58/t only a few months ago.",{"type":600,"attrs":893,"content":894},{"textAlign":49},[895],{"text":896,"type":605},"Trades reportedly closed this week at below $-110/t for smelter purchasing, though this deal had relatively unique precious metal content and payables. Either way, the trend for smelter purchasing is downward. Multiple sources noted that due to high acid prices TC/RCs could fall even further.",{"type":600,"attrs":898,"content":899},{"textAlign":49},[900],{"text":901,"type":605},"It’s hard to predict where the bottom of the market will be, but the higher acid goes, the more support smelters will receive.",{"type":653,"attrs":903,"content":904},{"level":844,"textAlign":49},[905],{"text":906,"type":605,"marks":907},"A broken TC benchmark system",[908],{"type":661},{"type":600,"attrs":910,"content":911},{"textAlign":49},[912],{"text":913,"type":605},"Despite the conclusion of benchmark copper concentrate TC/RC discussions between Chinese smelters and Antofagasta at $0/t, Japanese, Korean, and European smelters have been reluctant to accept flat TCs, with $0/t well below levels that smelters had previously accepted. Despite by-products and premiums going a long way to supporting smelters, some remain reluctant to accept lower TCs.",{"type":600,"attrs":915,"content":916},{"textAlign":49},[917],{"text":918,"type":605},"However, during CESCO Week, Benchmark Mineral Intelligence heard reports of multiple smelters outside of Europe accepting $0/t TCs in some instances. However, other annual contracts were reportedly agreed in the $10s/t and $20s/t. Most of these deals have, however, included some side terms or compromises, including financing, acid buy backs, copper buy backs, and altered precious payables.",{"type":600,"attrs":920,"content":921},{"textAlign":49},[922],{"text":923,"type":605},"Ultimately, this is a continuation of the trend from last year that saw a bifurcated benchmark system. All sources noted that discussions had been harder this year, and many noted that ex-China smelters are increasingly not following the benchmark system.",{"type":653,"attrs":925,"content":926},{"level":844,"textAlign":49},[927],{"text":928,"type":605,"marks":929},"High prices divorced from fundamentals",[930],{"type":661},{"type":600,"attrs":932,"content":933},{"textAlign":49},[934],{"text":935,"type":605},"Copper's high prices in 2026 were a significant talking point at CESCO. Supply and demand fundamentals do not seem to fully account for these high prices – last year, the copper supply surplus was the largest in over a decade, at 616kt. Visible exchange stocks are also high and have been floating around multi-decade highs in recent weeks.",{"type":600,"attrs":937,"content":938},{"textAlign":49},[939],{"text":940,"type":605},"“The copper price is completely unhinged from the fundamentals,” said one trader source, noting the current market surplus. A number of reasons why prices are so high were put forward at CESCO Week.",{"type":600,"attrs":942,"content":943},{"textAlign":49},[944],{"text":945,"type":605},"Stock build-up in the US, high-profile mine disruptions, capital overspill from financial markets, AI interest, and expectations of long-term shortages were all highlighted as potential causes of the high prices.",{"type":653,"attrs":947,"content":948},{"level":844,"textAlign":49},[949],{"text":950,"type":605,"marks":951},"Arbitrage uptick",[952],{"type":661},{"type":600,"attrs":954,"content":955},{"textAlign":49},[956],{"text":957,"type":605},"Since early April there has been some uptick in the longer-term arbitrage, with the arbitrage now at $467/t by December. This is wider than it had been until recently and is getting closer to a level where participants may start positioning new material to the US.",{"type":600,"attrs":959,"content":960},{"textAlign":49},[961],{"text":962,"type":605},"Some market sources told us there was increased interest in buying copper to send to the US, though this had so far only translated into enquiries.",{"type":600,"attrs":964,"content":965},{"textAlign":49},[966],{"text":967,"type":605},"The increased arbitrage has happened as the LME forward curve has flattened significantly; however, the CME remains in a strong contango. The increased arbitrage may also indicate increased expectations that the US may impose tariffs on copper cathode, coming as it did after a vague statement from the US on copper tariffs.",{"type":600,"attrs":969,"content":970},{"textAlign":49},[971,974,979],{"text":739,"type":605,"marks":972},[973],{"type":742},{"text":744,"type":605,"marks":975},[976,978],{"type":610,"attrs":977},{"href":748,"uuid":49,"anchor":49,"target":614,"linktype":749},{"type":742},{"text":980,"type":605,"marks":981},". To find out more, fill in the form below and one of the team will be in touch:",[982],{"type":742},{"type":633,"attrs":984},{"id":985,"body":986},"26c2da5b-eb11-46cd-8b56-5c5f96b6b8ff",[987],{"id":768,"_uid":988,"component":770,"wrap_in_box":50,"redirect_url":989,"success_file":990,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":992,"show_on_intelligence":50},"i-4e15aa8f-d67e-43d1-9fb5-a62d55b5a164",{"id":547,"url":547,"linktype":615,"fieldtype":772,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":991},{},[],"Last week, market participants from across the world met in Santiago to discuss the copper market, though at times the conference was more focused on acid than the red metal.\n\nParticipants were meeting as prices near all-time highs, exchange stocks remain swollen, and TCs continue to fall. There was certainly no shortage of things to discuss in Chile.",[995],{"slug":544,"name":543,"content":996},{"job_title":557,"image":997,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[999],{"slug":785,"name":558},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1001},{},{"id":1003,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1004,"copyright":547,"fieldtype":553,"meta_data":1005,"is_external_url":50},129067883023330,"https://a.storyblok.com/f/287943243085208/5222d00d80/bm-glencore-copper-anodes-at-lomas-bayas-chile.jpg",{},"Last week, market participants from across the world met in Santiago to discuss the copper market, though at times the conference was more focused on acid than the red metal.","Apr 21, 2026",{"id":1009,"uuid":712,"name":1010,"slug":1011,"full_slug":1012,"content":1013},165794251767672,"China to potentially ban sulphuric acid exports as Iran war pressures supply","china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply","article/china-to-potentially-ban-sulphuric-acid-exports-as-iran-war-pressures-supply",{"_uid":1014,"date":1015,"tags":1016,"editor":1034,"content":1038,"excerpt":1044,"featured":51,"reporter":1113,"component":781,"seo_title":1117,"categories":1118,"visibility":1122,"data_vis_image":1123,"featured_image":1127,"seo_description":1044,"formattedDate":1131},"b1babe83-4d6d-4095-8827-6253daef8e31","2026-04-14 00:00",[1017,1019,1020,1022,1025,1028,1031],{"slug":1018,"name":1018},"lithium-sulphur",{"slug":584,"name":585},{"slug":1021,"name":1021},"mining",{"slug":1023,"name":1024},"republic-of-indonesia","Republic of Indonesia",{"slug":1026,"name":1027},"china","China",{"slug":1029,"name":1030},"chile","Chile",{"slug":1032,"name":1033},"data-visualisation","Data Visualisation",[1035],{"slug":588,"name":589,"content":1036},{"job_title":591,"image":1037,"bio":594,"linkedin":595},{"filename":593},{"type":597,"content":1039},[1040,1045,1050,1057,1064,1069,1075,1080,1085,1090,1097,1102,1107],{"type":600,"attrs":1041,"content":1042},{"textAlign":49},[1043],{"text":1044,"type":605},"China may be looking to impose an export ban on sulphuric acid from May, a move that could put additional pressure on copper and mixed hydroxide precipitate (MHP) producers.",{"type":600,"attrs":1046,"content":1047},{"textAlign":49},[1048],{"text":1049,"type":605},"According to several reports, China is set to announce the measure as a response to the near-halt on sulphur supplies from the Middle East since the beginning of the conflict. The region accounts for around a third of global supply of elemental sulphur, which is used by MHP producers, some of whom also import acid.",{"type":633,"attrs":1051},{"id":1052,"body":1053},"51b6a671-817d-4b81-bc44-278adde1ad30",[1054],{"id":1055,"_uid":1056,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28498003","i-374f6533-1100-4b1e-8a49-e925208e6617",{"type":653,"attrs":1058,"content":1059},{"level":655,"textAlign":49},[1060],{"text":1061,"type":605,"marks":1062},"Copper prices bolstered by acid supply strain",[1063],{"type":661},{"type":600,"attrs":1065,"content":1066},{"textAlign":49},[1067],{"text":1068,"type":605},"Chile’s copper operations are likely to be particularly affected. Since 2022, it has been by far the largest importer of Chinese sulphuric acid, which it uses in a fifth of its copper mining operations. As nearly half of China’s sulphuric acid exports currently go to Chile, a ban on this export is expected to tighten leach capacity and thus solvent extraction–electrowinning (SX-EW) production in the region, adding another layer of uncertainty to supply.",{"type":633,"attrs":1070},{"id":1052,"body":1071},[1072],{"id":1073,"_uid":1074,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28500964","i-b9fce56e-07d2-4664-9325-f007db142f58",{"type":600,"attrs":1076,"content":1077},{"textAlign":49},[1078],{"text":1079,"type":605},"Albert Mackenzie, a copper analyst at Benchmark, says that Chile and the Democratic Republic of Congo (DRC) rely particularly heavily on acid imports for mining, and that reduced access to them “may go some way to explain why copper prices have remained high despite the broad macroeconomic concerns”.",{"type":600,"attrs":1081,"content":1082},{"textAlign":49},[1083],{"text":1084,"type":605},"“High acid prices continue to support smelters who produce a lot of acid as a byproduct of their processes,” he adds, noting that “spot treatment charges (TCs) hit yet another record low of USD$78/t on 10 April.”",{"type":600,"attrs":1086,"content":1087},{"textAlign":49},[1088],{"text":1089,"type":605},"Some sources have indicated that the US could also be set to impose a ban on export of sulphuric acid, Mackenzie notes, which could further constrain supply to miners.",{"type":653,"attrs":1091,"content":1092},{"level":655,"textAlign":49},[1093],{"text":1094,"type":605,"marks":1095},"Additional pressure for Indonesian HPALs",[1096],{"type":661},{"type":600,"attrs":1098,"content":1099},{"textAlign":49},[1100],{"text":1101,"type":605},"Indonesia’s nickel operations are also likely to be affected by the ban. The Indonesian Nickel Miners Association (APNI) recently stated that sulphuric acid inventories at HPAL facilities in Indonesia were sufficient for 45-60 days of MHP production, enough until the second half of May. While HPAL operations mostly import sulphur from which they then produce their own acid, others import sulphuric acid itself. However, this option is complicated by the need for an import license for sulphuric acid.",{"type":600,"attrs":1103,"content":1104},{"textAlign":49},[1105],{"text":1106,"type":605},"Indonesia primarily imports elemental sulphur from countries in the Middle East, which has been complicated by escalating conflict in the region. However, 62% of sulphuric acid imports into Indonesia came from China in 2025.",{"type":633,"attrs":1108},{"id":1052,"body":1109},[1110],{"id":1111,"_uid":1112,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28514812","i-b68a2014-75df-469f-b496-29b1d489a7cc",[1114],{"slug":544,"name":543,"content":1115},{"job_title":557,"image":1116,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"China to potentially ban sulphuric acid exports amid Iran war",[1119,1121],{"slug":1120,"name":150},"nickel",{"slug":785,"name":558},"private",{"id":1124,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1125,"copyright":547,"fieldtype":553,"meta_data":1126,"is_external_url":50},165795851988487,"https://a.storyblok.com/f/287943243085208/876x585/2f45d7e857/screenshot-2026-04-14-124446.png",{},{"id":1128,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1129,"copyright":547,"fieldtype":553,"meta_data":1130,"is_external_url":50},129066369579184,"https://a.storyblok.com/f/287943243085208/39e88178e2/bm-china-flag.jpg",{},"Apr 14, 2026",{"id":1133,"uuid":1134,"name":1135,"slug":1136,"full_slug":1137,"content":1138},156970287714973,"94082a94-6cc8-4cc6-892d-d43b5d65687a","In charts: How copper demand shows US' increasing import dependence","in-charts-how-copper-demand-shows-us-increasing-import-dependence","article/in-charts-how-copper-demand-shows-us-increasing-import-dependence",{"_uid":1139,"date":1140,"tags":1141,"editor":1149,"content":1153,"excerpt":1309,"featured":51,"reporter":1310,"component":781,"seo_title":1314,"categories":1315,"visibility":789,"data_vis_image":1320,"featured_image":1324,"seo_description":1326,"formattedDate":1327},"9a5a18ea-dacc-42a4-ba66-7360004d2536","2026-03-20 00:00",[1142,1145,1148],{"slug":1143,"name":1144},"tariffs","Tariffs",{"slug":1146,"name":1147},"imports","Imports",{"slug":1032,"name":1033},[1150],{"slug":588,"name":589,"content":1151},{"job_title":591,"image":1152,"bio":594,"linkedin":595},{"filename":593},{"type":597,"content":1154},[1155,1169,1183,1190,1202,1216,1223,1228,1234,1239,1245,1250,1256,1262,1267,1272,1277,1284,1298,1307],{"type":600,"attrs":1156,"content":1157},{"textAlign":49},[1158,1160,1167],{"text":1159,"type":605},"Benchmark analysis of copper demand data highlights the ",{"text":1161,"type":605,"marks":1162},"increasing reliance in the West ",[1163],{"type":610,"attrs":1164},{"href":1165,"uuid":1166,"anchor":49,"target":614,"linktype":615},"/article/record-us-copper-imports-in-2025-far-in-excess-of-consumption","0a808810-9bb1-448e-833d-f20c64c3255b",{"text":1168,"type":605},"– and particularly in the US – on imported goods. It also draws attention to the proportion of Chinese copper consumption that is due to the export of manufactured goods.",{"type":600,"attrs":1170,"content":1171},{"textAlign":49},[1172,1174,1181],{"text":1173,"type":605},"This comes despite the US' continued efforts to decrease its import dependence. Although the country ",{"text":1175,"type":605,"marks":1176},"used Section 232 investigations",[1177],{"type":610,"attrs":1178},{"href":1179,"uuid":1180,"anchor":49,"target":614,"linktype":615},"/article/in-charts-coppers-shifting-trade-flows","59607a8c-5b31-469f-b9bc-aeac11f2b378",{"text":1182,"type":605}," to tackle copper imports, a significant amount of copper enters the country through end use products such as cars and washing machines, suggesting the US's issue isn't just copper production, but the later stages of the value of the supply chain.",{"type":653,"attrs":1184,"content":1185},{"level":655,"textAlign":49},[1186],{"text":1187,"type":605,"marks":1188},"Semis and end-use demand difference demonstrates import dependence",[1189],{"type":661},{"type":600,"attrs":1191,"content":1192},{"textAlign":49},[1193,1195,1200],{"text":1194,"type":605},"Disparities between total semis demand (that is, the copper demand from the domestic production of copper semis) and end-use demand (copper consumed via the purchase and installation of downstream goods in the country) show that China’s growth in copper demand has come in part due to its growing exports of both semi-products and end-use goods like cars and washing machines. The growing difference between the US’ demand for copper and its end-use consumption, meanwhile, implies that it is ",{"text":1196,"type":605,"marks":1197},"increasingly reliant on imports of such goods",[1198],{"type":610,"attrs":1199},{"href":1179,"uuid":1180,"anchor":49,"target":614,"linktype":615},{"text":1201,"type":605},".",{"type":600,"attrs":1203,"content":1204},{"textAlign":49},[1205,1207,1214],{"text":1206,"type":605},"Despite US end-use demand for copper growing by over a million tonnes in the last 15 years, all of that growth in demand has been met by the import of both semi-products and end use goods. Copper contained in ",{"text":1208,"type":605,"marks":1209},"imports into the US",[1210],{"type":610,"attrs":1211},{"href":1212,"uuid":1213,"anchor":49,"target":614,"linktype":615},"/article/us-import-data-shows-changing-growing-copper-flows-into-the-us","c283ed43-47f6-471d-9a61-46834a3952a2",{"text":1215,"type":605}," now accounts for over 50% of end-use copper demand.",{"type":633,"attrs":1217},{"id":1218,"body":1219},"a2e50069-38fe-43f1-a326-438978dcbcfd",[1220],{"id":1221,"_uid":1222,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28122091","i-a1207285-4086-4c43-ba47-a638d74f7294",{"type":600,"attrs":1224,"content":1225},{"textAlign":49},[1226],{"text":1227,"type":605},"US demand statistics highlight the growing importance of consumer goods in end-use copper demand in the US. End-use copper demand is increasing faster than total demand because many goods like aircons and fridges are imported into the US.",{"type":633,"attrs":1229},{"id":1218,"body":1230},[1231],{"id":1232,"_uid":1233,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28152573","i-9b4296d2-81a0-4ca8-852a-268f465a36bc",{"type":600,"attrs":1235,"content":1236},{"textAlign":49},[1237],{"text":1238,"type":605},"The EU provides a significant contrast. The bloc manufactures a significant amount more of its own end-use copper demand at 88%, though this has fallen from 96% in 2010. It remains far less reliant on imports than the US.",{"type":633,"attrs":1240},{"id":1218,"body":1241},[1242],{"id":1243,"_uid":1244,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28123318","i-fa84381f-b62d-4fbc-9944-b1b9873cf7a4",{"type":600,"attrs":1246,"content":1247},{"textAlign":49},[1248],{"text":1249,"type":605},"China, meanwhile, shows the inverted trend, with end-use copper demand growing more slowly than total demand, indicating an increase in the export of semi-products and copper containing goods.",{"type":633,"attrs":1251},{"id":1218,"body":1252},[1253],{"id":1254,"_uid":1255,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28122876","i-08c7c5e2-4896-4e30-b488-b43e71f723a6",{"type":633,"attrs":1257},{"id":1218,"body":1258},[1259],{"id":1260,"_uid":1261,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28123929","i-c32f80b3-1d82-4cbb-b0b7-5801a26f0a20",{"type":600,"attrs":1263,"content":1264},{"textAlign":49},[1265],{"text":1266,"type":605},"Some of this change is attributable to the import and export of semi-products, with the US increasingly importing copper semi-products like wire rod, and China increasingly exporting those same goods.",{"type":600,"attrs":1268,"content":1269},{"textAlign":49},[1270],{"text":1271,"type":605},"In the last 15 years, China has moved from being a net importer of copper semi-product to the tune of 468kt to a net exporter at 420kt. In the same period, the US’ net imports of semi-products have increased from 60kt in 2010 to 228kt in 2025.",{"type":600,"attrs":1273,"content":1274},{"textAlign":49},[1275],{"text":1276,"type":605},"The section 232 investigation initiated last year resulted in a 50% tariff on copper semis imports. This is aimed at reversing the trend of increasing in US semis imports, and the second half of 2025 did show an immediate decrease.",{"type":633,"attrs":1278},{"id":1279,"body":1280},"c5db5bd7-cbef-4f1a-bf4c-140bfaced140",[1281],{"id":1282,"_uid":1283,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28124131","i-60d99eb0-0b43-4572-a2d4-459d05e812e4",{"type":600,"attrs":1285,"content":1286},{"textAlign":49},[1287,1290,1295],{"text":739,"type":605,"marks":1288},[1289],{"type":742},{"text":744,"type":605,"marks":1291},[1292,1294],{"type":610,"attrs":1293},{"href":748,"uuid":49,"anchor":49,"target":614,"linktype":749},{"type":742},{"text":980,"type":605,"marks":1296},[1297],{"type":742},{"type":633,"attrs":1299},{"id":1218,"body":1300},[1301],{"id":768,"_uid":1302,"component":770,"wrap_in_box":50,"redirect_url":1303,"success_file":1304,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1306,"show_on_intelligence":50},"i-b8d3b9d7-c8fb-4722-8a39-09d960e1cf6d",{"id":547,"url":547,"linktype":615,"fieldtype":772,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1305},{},[],{"type":600,"attrs":1308},{"textAlign":49},"Benchmark analysis of copper demand data highlights the increasing reliance in the West – and particularly in the US – on imported goods. It also draws attention to the proportion of Chinese copper consumption that is due to the export of manufactured goods.",[1311],{"slug":544,"name":543,"content":1312},{"job_title":557,"image":1313,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"In charts: How copper demand shows US' growing import dependence",[1316,1317],{"slug":785,"name":558},{"slug":1318,"name":1319},"geopolitics","Geopolitics",{"id":1321,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1322,"copyright":547,"fieldtype":553,"meta_data":1323,"is_external_url":50},156975137618392,"https://a.storyblok.com/f/287943243085208/901x772/47b8010668/us-copper-end-use.png",{},{"id":793,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":794,"copyright":547,"fieldtype":553,"meta_data":1325,"is_external_url":50},{},"Benchmark analysis of copper demand data highlights the increasing reliance in the West – and particularly in the US – on imported goods.","Mar 20, 2026",{"id":1329,"uuid":1166,"name":1330,"slug":1331,"full_slug":1332,"content":1333},149519655005023,"Record US copper imports in 2025 far in excess of consumption","record-us-copper-imports-in-2025-far-in-excess-of-consumption","article/record-us-copper-imports-in-2025-far-in-excess-of-consumption",{"_uid":1334,"date":1335,"tags":1336,"editor":1343,"content":1347,"excerpt":1353,"featured":51,"reporter":1429,"component":781,"seo_title":1330,"categories":1433,"visibility":789,"data_vis_image":1436,"featured_image":1440,"seo_description":1353,"formattedDate":1444},"fe74d341-ad84-4ab3-857b-4cf268411194","2026-02-27 00:00",[1337,1338,1339,1340],{"slug":584,"name":585},{"slug":814,"name":815},{"slug":1032,"name":1033},{"slug":1341,"name":1342},"usa","USA",[1344],{"slug":588,"name":589,"content":1345},{"job_title":591,"image":1346,"bio":594,"linkedin":595},{"filename":593},{"type":597,"content":1348},[1349,1354,1361,1385,1392,1406,1413,1418,1423],{"type":600,"attrs":1350,"content":1351},{"textAlign":49},[1352],{"text":1353,"type":605},"US imports of refined copper grew 81% in 2025, compared to 2024, to a record high of 1,634kt. Driven by tariff fears, these imports were far in excess of US demand for the metal.",{"type":653,"attrs":1355,"content":1356},{"level":655,"textAlign":49},[1357],{"text":1358,"type":605,"marks":1359},"Tariff threats driving up price",[1360],{"type":661},{"type":600,"attrs":1362,"content":1363},{"textAlign":49},[1364,1366,1374,1376,1383],{"text":1365,"type":605},"Threats that a ",{"text":1367,"type":605,"marks":1368},"tariff could be placed",[1369],{"type":610,"attrs":1370},{"href":1371,"uuid":1372,"anchor":49,"target":1373,"linktype":615},"/article/tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july","4a2c2278-6eee-43c7-83e6-8c75a5812d2a","_self",{"text":1375,"type":605}," on copper cathode in 2025 ",{"text":1377,"type":605,"marks":1378},"drastically increased the CME copper price",[1379],{"type":610,"attrs":1380},{"href":1381,"uuid":1382,"anchor":49,"target":1373,"linktype":615},"/article/premiums-across-the-across-the-globe-hit-unprecedented-levels","711fa060-b497-4673-bc09-1f279140f8da",{"text":1384,"type":605}," and incentivised front-loading of copper into the US. This led to a large surplus of material heading to the US and a tightening of the global copper market.",{"type":633,"attrs":1386},{"id":1387,"body":1388},"fc3707d1-c496-45a4-8b42-425161544df7",[1389],{"id":1390,"_uid":1391,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27811296","i-a13318e0-a761-4401-87c1-3853eb4194d6",{"type":600,"attrs":1393,"content":1394},{"textAlign":49},[1395,1397,1404],{"text":1396,"type":605},"This flow of material also caused significant price inflation on the LME, and massive increases of copper premiums across the globe, despite relatively loose market conditions. The ",{"text":1398,"type":605,"marks":1399},"bulk of US imports came from Chile",[1400],{"type":610,"attrs":1401},{"href":1402,"uuid":1403,"anchor":49,"target":1373,"linktype":615},"/article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries","059bf793-a827-4de7-adcf-b09e43ed3ff6",{"text":1405,"type":605},", at 876kt, followed by the DRC (187kt), Canada (185kt), and Peru (87kt).",{"type":653,"attrs":1407,"content":1408},{"level":655,"textAlign":49},[1409],{"text":1410,"type":605,"marks":1411},"Consumption far below imports",[1412],{"type":661},{"type":600,"attrs":1414,"content":1415},{"textAlign":49},[1416],{"text":1417,"type":605},"Many Chilean brands are CME deliverable and, whilst DRC material is not CME deliverable, it was likely either being sold directly to customers or stored in warehouses off-exchange.",{"type":600,"attrs":1419,"content":1420},{"textAlign":49},[1421],{"text":1422,"type":605},"US copper demand was significantly below the volume that was imported, resulting in an uptick in copper stored both in and outside exchanges. Benchmark estimates that US copper import were more than 700kt in excess of its demands across 2025. This means US warehouses absorbed more copper last year than most nations consumed.",{"type":633,"attrs":1424},{"id":1387,"body":1425},[1426],{"id":1427,"_uid":1428,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27810852","i-ff0dfe0c-b093-407b-86e1-adb8badca058",[1430],{"slug":544,"name":543,"content":1431},{"job_title":557,"image":1432,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1434,1435],{"slug":785,"name":558},{"slug":787,"name":788},{"id":1437,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1438,"copyright":547,"fieldtype":553,"meta_data":1439,"is_external_url":50},149523299928344,"https://a.storyblok.com/f/287943243085208/807x734/85165f935b/excess-us-copper-imports-among-largest-consumers-in-2025.png",{},{"id":1441,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1442,"copyright":547,"fieldtype":553,"meta_data":1443,"is_external_url":50},129066755701128,"https://a.storyblok.com/f/287943243085208/4da2f62bcb/bm-copper-cathode.jpg",{},"Feb 27, 2026",{"id":1446,"uuid":1447,"name":1448,"slug":1449,"full_slug":1450,"content":1451},141774945475279,"e4f1d900-de59-4799-8ae7-e727f7df87ee","High metal prices and by-product gains increasing copper miners’ margins","high-metal-prices-and-by-product-gains-increasing-copper-miners-margins","article/high-metal-prices-and-by-product-gains-increasing-copper-miners-margins",{"_uid":1452,"date":1453,"tags":1454,"editor":1457,"content":1467,"excerpt":1677,"featured":50,"reporter":1678,"component":781,"seo_title":1682,"categories":1683,"visibility":789,"author_company":547,"data_vis_image":1686,"featured_image":1688,"seo_description":1677,"author_full_name":547,"author_job_title":547,"formattedDate":1692},"10bf9420-147e-4d7d-bb77-a84e87c29918","2026-02-05 00:00",[1455,1456],{"slug":1032,"name":1033},{"slug":584,"name":585},[1458],{"slug":1459,"name":1460,"content":1461},"matthew-bird","Matthew Bird",{"job_title":1462,"image":1463,"bio":1465,"linkedin":1466},"Senior Editor - Supply Chains & Data Visualisation",{"filename":1464},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":597,"content":1468},[1469,1518,1528,1536,1557,1593,1601,1609,1631,1639,1647,1656],{"type":600,"attrs":1470,"content":1471},{"textAlign":49},[1472,1478,1485,1490,1499,1504,1513],{"text":1473,"type":605,"marks":1474},"The margins of ",[1475],{"type":759,"attrs":1476},{"color":1477},"#000000",{"text":1479,"type":605,"marks":1480},"copper miners",[1481,1483],{"type":610,"attrs":1482},{"href":1179,"uuid":1180,"anchor":49,"target":1373,"linktype":615},{"type":759,"attrs":1484},{"color":1477},{"text":1486,"type":605,"marks":1487}," are at multi-year highs on the back of ",[1488],{"type":759,"attrs":1489},{"color":1477},{"text":1491,"type":605,"marks":1492},"high copper prices",[1493,1497],{"type":610,"attrs":1494},{"href":1495,"uuid":1496,"anchor":49,"target":1373,"linktype":615},"/article/copper-hits-another-all-time-high-but-gains-fail-to-hold","cfa82740-886a-408d-b335-489d5e088c42",{"type":759,"attrs":1498},{"color":1477},{"text":1500,"type":605,"marks":1501},", elevated by-product prices, and record ",[1502],{"type":759,"attrs":1503},{"color":1477},{"text":1505,"type":605,"marks":1506},"low treatment and refining charges",[1507,1511],{"type":610,"attrs":1508},{"href":1509,"uuid":1510,"anchor":49,"target":1373,"linktype":615},"/article/chinese-smelters-reportedly-agree-to-record-low-copper-concentrate-tc-rcs","ff5e06ce-cf2a-41bc-90a6-42f42c86ca6d",{"type":759,"attrs":1512},{"color":1477},{"text":1514,"type":605,"marks":1515}," (TC/RCs).",[1516],{"type":759,"attrs":1517},{"color":1477},{"type":600,"attrs":1519,"content":1520},{"textAlign":49},[1521],{"type":1522,"attrs":1523},"image",{"id":1524,"alt":1525,"src":1526,"title":547,"source":547,"copyright":547,"meta_data":1527},141775495880085,"How wide is copper's margin?","https://a.storyblok.com/f/287943243085208/4256x5459/d33e508ef7/copperpricevcost-2.png",{"alt":1525,"title":547,"source":547,"copyright":547},{"type":653,"attrs":1529,"content":1530},{"level":655,"textAlign":49},[1531],{"text":1532,"type":605,"marks":1533},"Why are copper miners’ margins so high?",[1534],{"type":759,"attrs":1535},{"color":1477},{"type":600,"attrs":1537,"content":1538},{"textAlign":49},[1539,1544,1553],{"text":1540,"type":605,"marks":1541},"The first and strongest factor is that copper prices themselves are at all time highs and were elevated for much of 2025. Copper prices averaged $9,954/t in 2025 – the highest annualised price ever. By the start of 2026, copper prices had ",[1542],{"type":759,"attrs":1543},{"color":1477},{"text":1545,"type":605,"marks":1546},"surpassed $13,000/t",[1547,1551],{"type":610,"attrs":1548},{"href":1549,"uuid":1550,"anchor":49,"target":1373,"linktype":615},"/article/copper-price-hits-record-13000-t-as-rally-continues","eacfe391-9345-46ed-83fc-2f58cf9eeb35",{"type":759,"attrs":1552},{"color":1477},{"text":1201,"type":605,"marks":1554},[1555],{"type":759,"attrs":1556},{"color":1477},{"type":600,"attrs":1558,"content":1559},{"textAlign":49},[1560,1565,1574,1579,1588],{"text":1561,"type":605,"marks":1562},"Prices have been consistently high due to ",[1563],{"type":759,"attrs":1564},{"color":1477},{"text":1566,"type":605,"marks":1567},"tariff fears",[1568,1572],{"type":610,"attrs":1569},{"href":1570,"uuid":1571,"anchor":49,"target":1373,"linktype":615},"/article/lme-week-preview-copper-market-faces-tight-supply-record-prices-and-ma-momentum","119abccd-7642-4eff-bb36-5f56677bc2a8",{"type":759,"attrs":1573},{"color":1477},{"text":1575,"type":605,"marks":1576},", ",[1577],{"type":759,"attrs":1578},{"color":1477},{"text":1580,"type":605,"marks":1581},"supply disruption",[1582,1586],{"type":610,"attrs":1583},{"href":1584,"uuid":1585,"anchor":49,"target":1373,"linktype":615},"/article/grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows","46cfb309-f59c-4045-99e2-4a5c599aa5db",{"type":759,"attrs":1587},{"color":1477},{"text":1589,"type":605,"marks":1590},", and also continued expectations of increasing demand based on new uses related to AI and the energy transition.",[1591],{"type":759,"attrs":1592},{"color":1477},{"type":600,"attrs":1594,"content":1595},{"textAlign":49},[1596],{"text":1597,"type":605,"marks":1598},"By-product gains are helping copper miners significantly, especially gold and silver. Gold and silver prices also pushed up across 2025 on fears surrounding the US dollar, due to their position as safe haven assets.  ",[1599],{"type":759,"attrs":1600},{"color":1477},{"type":600,"attrs":1602,"content":1603},{"textAlign":49},[1604],{"text":1605,"type":605,"marks":1606},"Silver prices averaged $40/tr.oz. and gold averaged $3,445/tr.oz. in 2025, against $29/tr.oz. and $2,390/tr.oz. respectively in 2024. This large increase in precious metals prices significantly increased the by-product gains available to miners.",[1607],{"type":759,"attrs":1608},{"color":1477},{"type":600,"attrs":1610,"content":1611},{"textAlign":49},[1612,1617,1626],{"text":1613,"type":605,"marks":1614},"Copper mining companies have also benefited from ",[1615],{"type":759,"attrs":1616},{"color":1477},{"text":1618,"type":605,"marks":1619},"record-low TC/RCs",[1620,1624],{"type":610,"attrs":1621},{"href":1622,"uuid":1623,"anchor":49,"target":1373,"linktype":615},"/article/copper-sellers-explore-tolling-contracts-amid-record-low-tcs","b1812932-00f2-4d7b-b981-b2e774058ff0",{"type":759,"attrs":1625},{"color":1477},{"text":1627,"type":605,"marks":1628}," which act as a discount on the copper price when miners sell concentrate to traders and smelters. Such low discounts mean miners keep more value. ",[1629],{"type":759,"attrs":1630},{"color":1477},{"type":653,"attrs":1632,"content":1633},{"level":655,"textAlign":49},[1634],{"text":1635,"type":605,"marks":1636},"Will increased margins encourage copper mine build out?",[1637],{"type":759,"attrs":1638},{"color":1477},{"type":600,"attrs":1640,"content":1641},{"textAlign":49},[1642],{"text":1643,"type":605,"marks":1644},"The higher the margins copper miners can get, the more appealing copper mining becomes. However, mining remains a challenging and long-term industry with a relatively high barrier to entry even with improved margins. Mining is also competing for capital allocation against a number of other higher return industries such as AI.",[1645],{"type":759,"attrs":1646},{"color":1477},{"type":600,"attrs":1648,"content":1649},{"textAlign":49},[1650],{"text":1651,"type":605,"marks":1652},"Join Benchmark's upcoming webinar on 24th February at 3pm (London) for in-depth analysis of what elevated copper prices mean for profit margins, new projects, and M&A trends on a global scale.",[1653,1655],{"type":759,"attrs":1654},{"color":1477},{"type":742},{"type":600,"attrs":1657,"content":1658},{"textAlign":49},[1659,1665],{"text":1660,"type":605,"marks":1661},"Sign up to the webinar here: ",[1662,1664],{"type":759,"attrs":1663},{"color":1477},{"type":742},{"text":1666,"type":605,"marks":1667},"Copper Prices Unpacked: What peak margins mean for profits, projects and M&A",[1668,1671,1674,1675],{"type":610,"attrs":1669},{"href":1670,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://www.benchmarkminerals.com/events/webinar-copper-costs-2026",{"type":759,"attrs":1672},{"color":1673},"#1155CC",{"type":742},{"type":1676},"underline","The margins of copper miners are at multi-year highs on the back of high copper prices, elevated by-product prices, and record low treatment and refining charges (TC/RCs).",[1679],{"slug":544,"name":543,"content":1680},{"job_title":557,"image":1681,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"High prices and by-product gains increasing copper miner margins",[1684,1685],{"slug":787,"name":788},{"slug":785,"name":558},{"id":1524,"alt":1525,"name":547,"focus":547,"title":547,"source":547,"filename":1526,"copyright":547,"fieldtype":553,"meta_data":1687,"is_external_url":50},{"alt":1525,"title":547,"source":547,"copyright":547},{"id":1689,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1690,"copyright":547,"fieldtype":553,"meta_data":1691,"is_external_url":50},129067901692904,"https://a.storyblok.com/f/287943243085208/ae400b8482/bm-glencore-ktanaga-copper-mine-drc2.jpg",{},"Feb 05, 2026",{"id":1694,"uuid":1496,"name":1695,"slug":1696,"full_slug":1697,"content":1698},139667759756003,"Copper hits another all-time high, but gains fail to hold","copper-hits-another-all-time-high-but-gains-fail-to-hold","article/copper-hits-another-all-time-high-but-gains-fail-to-hold",{"_uid":1699,"date":1700,"tags":1701,"editor":1704,"content":1708,"excerpt":1892,"featured":51,"reporter":1893,"component":781,"seo_title":1695,"categories":1897,"visibility":789,"author_company":547,"data_vis_image":1900,"featured_image":1902,"seo_description":1904,"author_full_name":547,"author_job_title":547,"formattedDate":1905},"de66a143-b4bd-4827-928e-5d41cf357ed2","2026-01-30 00:00",[1702,1703],{"slug":584,"name":585},{"slug":811,"name":812},[1705],{"slug":1459,"name":1460,"content":1706},{"job_title":1462,"image":1707,"bio":1465,"linkedin":1466},{"filename":1464},{"type":597,"content":1709},[1710,1737,1757,1765,1772,1774,1784,1792,1800,1808,1816,1824,1832,1841,1849,1858,1866,1874,1883],{"type":600,"attrs":1711,"content":1712},{"textAlign":49},[1713,1719,1724,1732],{"text":558,"type":605,"marks":1714},[1715,1717],{"type":759,"attrs":1716},{"color":1477},{"type":610,"attrs":1718},{"href":748,"uuid":49,"anchor":49,"target":614,"linktype":749},{"text":1720,"type":605,"marks":1721}," prices broke all-time highs on 29 January 2026, with the three-month LME ",[1722],{"type":759,"attrs":1723},{"color":1477},{"text":1725,"type":605,"marks":1726},"copper price",[1727,1729],{"type":759,"attrs":1728},{"color":1477},{"type":610,"attrs":1730},{"href":1731,"uuid":49,"anchor":49,"target":614,"linktype":749},"https://source.benchmarkminerals.com/article/copper-price-hits-record-13000-t-as-rally-continues",{"text":1733,"type":605,"marks":1734}," hitting $14,527.50/tonne. This is the largest single day rise in the copper price since 2008, almost hitting the 12% daily moving limit set by the LME. However, this record level was short-lived, ending the day at $13,720.50/t and fell further when trading reopened on 30 January.",[1735],{"type":759,"attrs":1736},{"color":1477},{"type":600,"attrs":1738,"content":1739},{"textAlign":49},[1740,1745,1752],{"text":1741,"type":605,"marks":1742},"The rally likely originated in China as ",[1743],{"type":759,"attrs":1744},{"color":1477},{"text":585,"type":605,"marks":1746},[1747,1749],{"type":759,"attrs":1748},{"color":1477},{"type":610,"attrs":1750},{"href":1751,"uuid":49,"anchor":49,"target":614,"linktype":749},"https://source.benchmarkminerals.com/article/us-copper-prices-collapse-after-tariff-exclusion-for-cathode-imports",{"text":1753,"type":605,"marks":1754}," on the Shanghai Futures Exchange (SHFE) pushed up aggressively prior to the LME opening on 29 January.",[1755],{"type":759,"attrs":1756},{"color":1477},{"type":600,"attrs":1758,"content":1759},{"textAlign":49},[1760],{"text":1761,"type":605,"marks":1762},"This volatility comes following a run of record setting copper prices. Despite these recent moves, the speed and timing of this price increase took the market by surprise especially as there has been increasing talk suggesting that the copper price has pushed up too far and too fast in recent weeks.",[1763],{"type":759,"attrs":1764},{"color":1477},{"type":633,"attrs":1766},{"id":1767,"body":1768},"d4339412-3794-4afe-bbba-553d0c2eea75",[1769],{"id":1770,"_uid":1771,"type":640,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27440618","i-6d1c7d31-9a13-4db4-8abe-6c0b3e5c98b5",{"type":600,"attrs":1773},{"textAlign":49},{"type":653,"attrs":1775,"content":1777},{"level":1776,"textAlign":49},4,[1778],{"text":1779,"type":605,"marks":1780},"Why is the copper price increasing?",[1781,1783],{"type":759,"attrs":1782},{"color":1477},{"type":661},{"type":600,"attrs":1785,"content":1786},{"textAlign":49},[1787],{"text":1788,"type":605,"marks":1789},"Towards the start of January 2026 the price passed $13,000/t for the first time in history, after breaking the $12,000/t record in December. Just a few months ago, the all time high was over $11,000/t.",[1790],{"type":759,"attrs":1791},{"color":1477},{"type":600,"attrs":1793,"content":1794},{"textAlign":49},[1795],{"text":1796,"type":605,"marks":1797},"In this period very little has fundamentally changed with no mine shutdowns or major stimulus package announcements, though there was some mine disruption and tariffs tightened the market outside of the US. There was some mine disruption earlier in the year, and tariffs have tightened the market outside the US.",[1798],{"type":759,"attrs":1799},{"color":1477},{"type":600,"attrs":1801,"content":1802},{"textAlign":49},[1803],{"text":1804,"type":605,"marks":1805},"The price increase on 29 January appears to be linked to copper’s role in the “debasement trade”. Given concerns about the dollar, investors want hard, physical assets. This is a role historically played by silver and gold, but increasingly money  is spilling from those markets into copper.",[1806],{"type":759,"attrs":1807},{"color":1477},{"type":600,"attrs":1809,"content":1810},{"textAlign":49},[1811],{"text":1812,"type":605,"marks":1813},"“Huge asset management and macro funds, mainly in China (that are not your traditional metal commodity speculators) [are] piling in on the debasement and geopolitical metal market fragmentation trades,” one trader source told Benchmark, noting noting that a small amount of capital for those funds is relatively significant for the copper market.",[1814],{"type":759,"attrs":1815},{"color":1477},{"type":600,"attrs":1817,"content":1818},{"textAlign":49},[1819],{"text":1820,"type":605,"marks":1821},"Noise around AI could also be pushing prices up, as data centre build out is copper intensive. Meta announced plans to almost double spending on AI to $135bn for 2026 on the same day as the spike in copper prices.",[1822],{"type":759,"attrs":1823},{"color":1477},{"type":600,"attrs":1825,"content":1826},{"textAlign":49},[1827],{"text":1828,"type":605,"marks":1829},"However, there seems to be no definitive rationale behind the price on 29 January as no fundamental market development made copper intrinsically 10% more valuable.",[1830],{"type":759,"attrs":1831},{"color":1477},{"type":653,"attrs":1833,"content":1834},{"level":1776,"textAlign":49},[1835],{"text":1836,"type":605,"marks":1837},"Why did the copper price fall back down?",[1838,1840],{"type":759,"attrs":1839},{"color":1477},{"type":661},{"type":600,"attrs":1842,"content":1843},{"textAlign":49},[1844],{"text":1845,"type":605,"marks":1846},"A fall in tech stocks, following weak Microsoft earnings which wiped $350 billion from their market capitalisation, pulled copper prices back down. Additionally, a recovering US dollar further lowered LME copper prices. It is also likely that market participants’ belief that the price had pushed too high led to an overall adjustment back down closer to previous levels. ",[1847],{"type":759,"attrs":1848},{"color":1477},{"type":653,"attrs":1850,"content":1851},{"level":1776,"textAlign":49},[1852],{"text":1853,"type":605,"marks":1854},"How does this compare to the 2008 copper price spike?",[1855,1857],{"type":759,"attrs":1856},{"color":1477},{"type":661},{"type":600,"attrs":1859,"content":1860},{"textAlign":49},[1861],{"text":1862,"type":605,"marks":1863},"This recent spike is the largest move since 2008, when the market pushed up by over 12% on October 29 2008, though the reasons are substantially different.",[1864],{"type":759,"attrs":1865},{"color":1477},{"type":600,"attrs":1867,"content":1868},{"textAlign":49},[1869],{"text":1870,"type":605,"marks":1871},"Copper prices had fallen so notably in 2008 due to the global financial crisis, that the record-breaking increase in October 2008 still left copper prices 46% lower than prices seen in June 2008. It also directly correlated to chatter about stimulus packages which buoyed copper prices.",[1872],{"type":759,"attrs":1873},{"color":1477},{"type":600,"attrs":1875,"content":1876},{"textAlign":49},[1877],{"text":1878,"type":605,"marks":1879},"This article draws on expert insights from the Benchmark Copper Service. Fill out the form below for more information.",[1880,1882],{"type":759,"attrs":1881},{"color":1477},{"type":742},{"type":633,"attrs":1884},{"id":1767,"body":1885},[1886],{"id":768,"_uid":1887,"component":770,"wrap_in_box":50,"redirect_url":1888,"success_file":1889,"default_height":547,"success_message":547,"v2_hubspot_form":50,"success_sub_text":547,"hidden_field_values":1891,"show_on_intelligence":50},"i-5b006e37-96f3-42a8-9269-f185792c59d2",{"id":547,"url":547,"linktype":615,"fieldtype":772,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1890},{},[],"Copper prices broke all-time highs on 29 January 2026, with the three-month LME copper price hitting $14,527.50/tonne. This is the largest single day rise in the copper price since 2008, almost hitting the 12% daily moving limit set by the LME. However, this record level was short-lived, ending the day at $13,720.50/t and fell further when trading reopened on 30 January.\n",[1894],{"slug":544,"name":543,"content":1895},{"job_title":557,"image":1896,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},[1898,1899],{"slug":785,"name":558},{"slug":787,"name":788},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1901},{},{"id":1003,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1004,"copyright":547,"fieldtype":553,"meta_data":1903,"is_external_url":50},{},"Copper prices broke all-time highs on 29 January 2026, with the three-month LME copper price hitting $14,527.50/tonne. This is the largest single day rise in the copper price since 2008, almost hitting the 12% daily moving limit set by the LME. ","Jan 30, 2026",{"id":1907,"uuid":1908,"name":1909,"slug":1910,"full_slug":1911,"content":1912},133953845000312,"71a26e56-46b2-4461-a603-3aed2138ff4a","Rio Tinto and Glencore announce merger plans to create world’s largest copper miner ","rio-tinto-and-glencore-announce-merger-plans-to-create-worlds-largest-copper-miner","article/rio-tinto-and-glencore-announce-merger-plans-to-create-worlds-largest-copper-miner",{"_uid":1913,"date":1914,"live":50,"tags":1915,"editor":1926,"content":1930,"excerpt":2073,"featured":51,"reporter":2074,"_editable":2078,"component":781,"seo_title":2079,"categories":2080,"visibility":789,"author_company":547,"data_vis_image":2083,"featured_image":2085,"seo_description":2088,"author_full_name":547,"author_job_title":547,"formattedDate":2089},"a5cc91f9-c6f1-4abe-9ca2-9c997c11edfd","2026-01-09 00:00",[1916,1917,1920,1923],{"slug":1032,"name":1033},{"slug":1918,"name":1919},"glencore","Glencore",{"slug":1921,"name":1922},"ma","M&A",{"slug":1924,"name":1925},"rio-tinto","Rio Tinto",[1927],{"slug":1459,"name":1460,"content":1928},{"job_title":1462,"image":1929,"bio":1465,"linkedin":1466},{"filename":1464},{"type":597,"content":1931},[1932,1945,1950,1958,1971,1976,1988,1993,2005,2013,2018,2023,2028,2033,2038,2043,2048,2055,2062],{"type":600,"attrs":1933,"content":1934},{"textAlign":49},[1935,1937,1943],{"text":1936,"type":605},"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even ",{"text":1938,"type":605,"marks":1939},"Teck and Anglo American’s proposed merger",[1940],{"type":610,"attrs":1941},{"href":1942,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/anglo-american-and-teck-merger-set-to-become-fifth-biggest-copper-miner",{"text":1944,"type":605},". ",{"type":600,"attrs":1946,"content":1947},{"textAlign":49},[1948],{"text":1949,"type":605},"The statement on Rio Tinto’s website notes, “The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement.” ",{"type":600,"attrs":1951,"content":1952},{"textAlign":49},[1953],{"type":1522,"attrs":1954},{"id":49,"alt":1955,"src":1956,"title":49,"source":49,"copyright":49,"meta_data":1957},"Chart showing that a merged Rio Tinto and Glencore would be the largest copper miner in 2026","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_614,c_scale/f_auto,q_auto/v1767968572/www-production/Glencore-Rio-Tinto/Glencore-Rio-Tinto.png?_i=AA",{},{"type":600,"attrs":1959,"content":1960},{"textAlign":49},[1961,1963,1969],{"text":1962,"type":605},"These talks come after ",{"text":1964,"type":605,"marks":1965},"previous merger discussions between the two miners",[1966],{"type":610,"attrs":1967},{"href":1968,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/rio-tinto-and-glencore-talks-reflect-the-industrys-appetite-for-growth",{"text":1970,"type":605}," collapsed in 2024.",{"type":653,"attrs":1972,"content":1973},{"level":1776,"textAlign":49},[1974],{"text":1975,"type":605},"How big would a merged Glencore-Rio Tinto be? ",{"type":600,"attrs":1977,"content":1978},{"textAlign":49},[1979,1981,1986],{"text":1980,"type":605},"The two companies have various other assets but would be a significant copper miner. ",{"text":1982,"type":605,"marks":1983},"Benchmark’s Copper Service",[1984],{"type":610,"attrs":1985},{"href":748,"uuid":49,"anchor":49,"target":49,"linktype":749},{"text":1987,"type":605}," shows that their combined 2026 production would be over 1.6mt of production, higher than any other company globally ",{"type":600,"attrs":1989,"content":1990},{"textAlign":49},[1991],{"text":1992,"type":605},"Glencore’s Collahuasi mine in Chile and Rio Tinto’s Oyu Tolgoi in Mongolia are both set for significant increases in production in the coming years too, meaning the copper production of a merged Rio Tinto and Glencore would remain incredibly significant for years to come. ",{"type":600,"attrs":1994,"content":1995},{"textAlign":49},[1996,1998,2003],{"text":1997,"type":605},"Interest in copper has been rising in recent years, with demand for the metal from accelerating global electrification efforts outpacing project pipelines meaning prices may rise. ",{"text":1999,"type":605,"marks":2000},"Copper prices surpassed $13,000/t",[2001],{"type":610,"attrs":2002},{"href":1731,"uuid":49,"anchor":49,"target":49,"linktype":749},{"text":2004,"type":605}," for the first time in history on 5 January 2026. ",{"type":633,"attrs":2006},{"id":2007,"body":2008},"9c3d4b2d-a1be-4852-945f-1d25d7126ae1",[2009],{"id":2010,"_uid":2011,"type":640,"_editable":2012,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27141495","i-5a6c63ff-27f2-4cdf-b75c-3efa99cd8796","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-5a6c63ff-27f2-4cdf-b75c-3efa99cd8796\", \"id\": \"\"}-->",{"type":600,"attrs":2014,"content":2015},{"textAlign":49},[2016],{"text":2017,"type":605},"New greenfield projects can be challenging and financially arduous, hence the current spate of merger interest. ",{"type":600,"attrs":2019,"content":2020},{"textAlign":49},[2021],{"text":2022,"type":605},"The merger would be beneficial for both companies but wouldn’t necessarily alleviate supply concerns, as it would be consolidating production rather than creating new production. ",{"type":600,"attrs":2024,"content":2025},{"textAlign":49},[2026],{"text":2027,"type":605},"This news follows Glencore’s recent statements regarding their growing copper mining capacity. The company was already aiming for around 1.6mt of production by 2035, which would position Glencore to be one of the largest copper miners in the coming years even without the merger. ",{"type":600,"attrs":2029,"content":2030},{"textAlign":49},[2031],{"text":2032,"type":605},"Glencore forecast that a significant amount of that growth will come from projects in Argentina, with El Pachón and Agua Rica significantly contributing to the expected production growth. ",{"type":600,"attrs":2034,"content":2035},{"textAlign":49},[2036],{"text":2037,"type":605},"Glencore did, however, lower their guidance for 2026 to 840kt from 930kt, partly due to challenges at Collahuasi. Benchmark had already forecasted Glencore’s 2026 production lower than their guidance at 879kt of attributable production, however, this new guidance is lower than that forecast. ",{"type":600,"attrs":2039,"content":2040},{"textAlign":49},[2041],{"text":2042,"type":605},"If this merger goes ahead along with the Anglo American-Teck merger announced in September 2025, also with a large focus on copper, then two of the six largest copper miners would have been formed by recent mergers. ",{"type":653,"attrs":2044,"content":2045},{"level":1776,"textAlign":49},[2046],{"text":2047,"type":605},"Unlock granular market visibility with Benchmark’s Copper Service ",{"type":600,"attrs":2049,"content":2050},{"textAlign":49},[2051],{"text":2052,"type":605,"marks":2053},"This insight draws from Benchmark extensive Copper Service, featuring supply, demand, cost and price data. Bringing clarity to copper’s future at the heart of the energy transition, this subscription facilitates smarter investment decisions and successful strategy.",[2054],{"type":742},{"type":600,"attrs":2056,"content":2057},{"textAlign":49},[2058],{"text":2059,"type":605,"marks":2060},"To learn more, submit your details below and our team will be in touch:",[2061],{"type":742},{"type":633,"attrs":2063},{"id":2064,"body":2065},"7411e5ce-0406-488f-9bb9-a23b19b9a13f",[2066],{"id":768,"_uid":2067,"_editable":2068,"component":770,"wrap_in_box":50,"hubspot_form":768,"redirect_url":2069,"success_file":2070,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":2072,"show_on_intelligence":51},"i-c1b4a672-4c42-409f-aa13-08db50b36e24","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-c1b4a672-4c42-409f-aa13-08db50b36e24\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":615,"fieldtype":772,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2071},{},[],"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even Teck and Anglo American’s proposed merger. The statement on Rio Tinto’s website notes, “The parties’ current expectation is […]",[2075],{"slug":544,"name":543,"content":2076},{"job_title":557,"image":2077,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a5cc91f9-c6f1-4abe-9ca2-9c997c11edfd\", \"id\": \"\"}-->","Rio Tinto and Glencore announce merger plans to create world’s...",[2081,2082],{"slug":785,"name":558},{"slug":787,"name":788},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2084},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":2086,"copyright":547,"fieldtype":553,"meta_data":2087,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1767969170/www-production/Lomas-Bayas-Copper-mine/Lomas-Bayas-Copper-mine.jpg?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},"Rio Tinto and Glencore have announced discussions are taking place between the two companies to merge. The two companies are major copper miners and if the deal comes to fruition, the size of the merger would eclipse that of even ...","Jan 09, 2026",{"id":2091,"uuid":1550,"name":2092,"slug":2093,"full_slug":2094,"content":2095},133953860720762,"Copper price hits record $13,000/t as rally continues","copper-price-hits-record-13000-t-as-rally-continues","article/copper-price-hits-record-13000-t-as-rally-continues",{"_uid":2096,"date":2097,"tags":2098,"editor":2100,"content":2104,"excerpt":2265,"featured":51,"reporter":2266,"_editable":2270,"component":781,"seo_title":2092,"categories":2271,"visibility":789,"author_company":49,"data_vis_image":2274,"featured_image":2276,"seo_description":2278,"author_full_name":49,"author_job_title":49,"formattedDate":2279},"0638feed-5f5a-41a7-98b1-906cf477ab16","2026-01-07 00:00",[2099],{"slug":584,"name":585},[2101],{"slug":1459,"name":1460,"content":2102},{"job_title":1462,"image":2103,"bio":1465,"linkedin":1466},{"filename":1464},{"type":597,"content":2105},[2106,2119,2132,2140,2145,2173,2214,2227,2232,2237,2242,2248,2254],{"type":600,"attrs":2107,"content":2108},{"textAlign":49},[2109,2111,2117],{"text":2110,"type":605},"Copper ",{"text":2112,"type":605,"marks":2113},"prices",[2114],{"type":610,"attrs":2115},{"href":2116,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/lme-copper-forward-curve-hits-record-high",{"text":2118,"type":605}," set a new record on 6 January, with the LME cash copper price reaching almost $13,300/t, having pushed above $13,000/t for the first time in history on Monday 5 January 2026. As recently as 15 December, prices had not yet broken $12,000/t, underscoring the speed and scale of the latest increase.",{"type":600,"attrs":2120,"content":2121},{"textAlign":49},[2122,2124,2130],{"text":2123,"type":605},"Copper has continued to notch repeated all-time highs in recent weeks, ",{"text":2125,"type":605,"marks":2126},"with prices now up",[2127],{"type":610,"attrs":2128},{"href":2129,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/premiums-across-the-across-the-globe-hit-unprecedented-levels",{"text":2131,"type":605}," 16% since the start of December, when the market was already trading close to its previous record. Year-on-year, copper is up almost 50%, pushing the market into territory that many participants had not anticipated so soon.",{"type":633,"attrs":2133},{"id":2134,"body":2135},"56137648-9646-4b7c-aa4d-db2a0fa59b92",[2136],{"id":2137,"_uid":2138,"type":640,"_editable":2139,"component":641,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27110467","i-55e39dc3-c3a1-4af1-82eb-bf0944055a8c","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-55e39dc3-c3a1-4af1-82eb-bf0944055a8c\", \"id\": \"\"}-->",{"type":653,"attrs":2141,"content":2142},{"level":1776,"textAlign":49},[2143],{"text":2144,"type":605},"What is driving the copper price rally?",{"type":600,"attrs":2146,"content":2147},{"textAlign":49},[2148,2150,2156,2158,2164,2166,2172],{"text":2149,"type":605},"Market narratives centre on growing policy uncertainty under President Donald Trump’s over ",{"text":2151,"type":605,"marks":2152},"potential copper tariffs",[2153],{"type":610,"attrs":2154},{"href":2155,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/tariff-fears-drove-us-refined-copper-imports-to-record-high-in-july",{"text":2157,"type":605},". This uncertainty ",{"text":2159,"type":605,"marks":2160},"pulled copper into the US",[2161],{"type":610,"attrs":2162},{"href":2163,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/us-import-data-shows-changing-growing-copper-flows-into-the-us",{"text":2165,"type":605}," and created ",{"text":2167,"type":605,"marks":2168},"fears of tightness elsewhere",[2169],{"type":610,"attrs":2170},{"href":2171,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/eu-turns-to-drc-copper-as-us-draws-record-chilean-imports",{"text":1201,"type":605},{"type":600,"attrs":2174,"content":2175},{"textAlign":49},[2176,2182,2184,2190,2191,2197,2199,2204,2206,2212],{"text":2177,"type":605,"marks":2178},"Operational issues at major mines",[2179],{"type":610,"attrs":2180},{"href":2181,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/lme-week-preview-copper-market-faces-tight-supply-record-prices-and-ma-momentum",{"text":2183,"type":605}," including ",{"text":2185,"type":605,"marks":2186},"Kamoa Kakula in the DRC",[2187],{"type":610,"attrs":2188},{"href":2189,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/kakula-suspension-adds-pressure-to-already-tight-copper-concentrate-market",{"text":1575,"type":605},{"text":2192,"type":605,"marks":2193},"Grasberg in Indonesia",[2194],{"type":610,"attrs":2195},{"href":2196,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/grasberg-supply-shock-to-plunge-refined-copper-market-into-deficit-in-2026-benchmark-analysis-shows",{"text":2198,"type":605},", and El Teniente in ",{"text":1030,"type":605,"marks":2200},[2201],{"type":610,"attrs":2202},{"href":2203,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/what-do-chiles-recent-election-results-mean-for-the-lithium-and-copper-industries",{"text":2205,"type":605}," have added ",{"text":2207,"type":605,"marks":2208},"supply disruptions",[2209],{"type":610,"attrs":2210},{"href":2211,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/infographic-q3-results-highlight-challenges-for-major-copper-miners",{"text":2213,"type":605}," on top of the fears of tightness.",{"type":600,"attrs":2215,"content":2216},{"textAlign":49},[2217,2219,2225],{"text":2218,"type":605},"At the same time, sentiment around copper’s long-term role in the energy transition and digital infrastructure build-out has increased general bullishness. Copper’s linkage to AI-related data centre demand and ",{"text":2220,"type":605,"marks":2221},"electrification",[2222],{"type":610,"attrs":2223},{"href":2224,"uuid":49,"anchor":49,"target":49,"linktype":749},"https://source.benchmarkminerals.com/article/saudis-bisha-battery-energy-storage-project-uses-30000-evs-worth-of-battery-minerals",{"text":2226,"type":605}," themes is drawing in new capital, with many market participants pointing to increased activity from funds, rather than physical market interest, as key price drivers.",{"type":600,"attrs":2228,"content":2229},{"textAlign":49},[2230],{"text":2231,"type":605},"Outside interest has also been buoyed by increased media coverage and discussions surrounding copper.",{"type":600,"attrs":2233,"content":2234},{"textAlign":49},[2235],{"text":2236,"type":605},"Some traders and end-users remain sceptical that current price levels are fully justified by fundamentals. For now, however, this caution has done little to slow the bullish momentum driving copper to successive record highs.",{"type":653,"attrs":2238,"content":2239},{"level":1776,"textAlign":49},[2240],{"text":2241,"type":605},"Unlock granular market visibility with Benchmark’s Copper Service",{"type":600,"attrs":2243,"content":2244},{"textAlign":49},[2245],{"text":2052,"type":605,"marks":2246},[2247],{"type":742},{"type":600,"attrs":2249,"content":2250},{"textAlign":49},[2251],{"text":2059,"type":605,"marks":2252},[2253],{"type":742},{"type":633,"attrs":2255},{"id":2256,"body":2257},"a0ff73cd-4d0b-4bdc-a37c-c0091155882a",[2258],{"id":768,"_uid":2259,"_editable":2260,"component":770,"wrap_in_box":50,"hubspot_form":768,"redirect_url":2261,"success_file":2262,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":2264},"i-194678e7-f9cc-48e2-b796-9db76f3c78c7","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-194678e7-f9cc-48e2-b796-9db76f3c78c7\", \"id\": \"\"}-->",{"id":547,"url":547,"linktype":615,"fieldtype":772,"cached_url":547},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2263},{},[],"Copper prices set a new record on 6 January, with the LME cash copper price reaching almost $13,300/t, having pushed above $13,000/t for the first time in history on Monday 5 January 2026. As recently as 15 December, prices had not yet broken $12,000/t, underscoring the speed and scale of the latest increase. Copper has […]",[2267],{"slug":544,"name":543,"content":2268},{"job_title":557,"image":2269,"bio":548,"linkedin":555,"markets_covered":558},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0638feed-5f5a-41a7-98b1-906cf477ab16\", \"id\": \"\"}-->",[2272,2273],{"slug":785,"name":558},{"slug":787,"name":788},{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":2275},{},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1004,"copyright":547,"fieldtype":553,"meta_data":2277,"is_external_url":51},{"alt":547,"title":547,"source":547,"copyright":547},"Copper prices set a new record on 6 January, with the LME cash copper price reaching almost $13,300/t, having pushed above $13,000/t for the first time in history on Monday 5 January 2026.[…]","Jan 07, 2026",1780501052275]