Copper Prices Hold Near $6.30 as Chile‑Peru Supply Tightens and Chinese Inventories Fall

Copper futures have eased slightly after reaching record levels earlier in the year, trading around $6.26‑$6.31 per pound. Supply concerns in Chile and Peru—both key producers—have shifted the 2026 market outlook from a surplus to a deficit, with forecasts indicating a shortfall of about 150,000 tonnes.

Goldman Sachs highlighted a sharp drop in visible copper cathode inventories in China, now at the lower end of historical seasonal ranges, suggesting tightening physical availability. Ivanhoe Mines founder Robert Friedland echoed these concerns, noting rising cancelled warrants in London Metal Exchange warehouses as traders prepare for physical delivery. With China accounting for roughly half of global copper demand growth, the combination of supply risks and shrinking Chinese stocks is supporting prices despite broader macro‑economic headwinds.