Copper posts longest weekly rally since 1994 as supply chain tightens
AI Market Summary
Copper's longest weekly rally since 1994 is being reinforced by tightening physical supply: persistent LME inventory drawdowns, Freeport's reduced 2026 guidance at Grasberg after a prolonged force majeure, and weaker mine output led by Chile. Additional frictions include Congo's concentrate export ban and unresolved U.S. tariff decisions, prompting record refined copper inflows into the U.S. The setup elevates near-term volatility and strengthens supply-risk pricing.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+0.00%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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LME copper has logged its longest run of weekly gains since 1994, with prices trading near $14,300 a ton and close to record highs. Supply is tightening as Freeport cut its 2026 output guidance at Indonesia’s Grasberg complex by roughly a third and global mine production fell 1.1% in the first half of the year. Chile’s second-quarter output was its weakest in at least 19 years, while uncertainty over Congo’s export ban and U.S. tariff decisions is adding pressure on supply chains.
