Copper Prices Rise Amid Global Surplus as Demand Fuels Strength

The International Copper Study Group reported a provisional global surplus of 221,000 tonnes of refined copper for the first five months of 2026, yet prices have remained strong. This resilience is driven by long‑term demand growth, especially in China where consumption rose about three percent, accounting for roughly 59 % of global refined copper use.

UBS analyst Dominic Schnider forecasts a market shortfall of around 520,000 tonnes for the full year, citing limited supply and risks such as potential US tariffs and a shortage of sulfuric acid. Global copper mine production fell 1.6 % in the same period, mainly due to reduced output in Chile, the Democratic Republic of Congo and Indonesia. Overall consumption increased 2.2 % worldwide, with a one‑percent rise excluding China.

Higher copper prices are boosting earnings for major miners like Rio Tinto. Exploration companies such as Mogotes Metals Inc., operating projects in Argentina and Chile, are also highlighted for their ongoing drilling activities.