Copper Prices Face Supply Chain Constraints After Historic Rally

Copper prices on the London Metal Exchange reached $14,300 a ton, marking a 10th straight weekly gain as global mine output fell 1.1% in the first half of 2026.

Supply chain issues persist following a September 8, 2025, disaster at the Grasberg mine in Indonesia, which forced Freeport-McMoRan to cut 2026 output guidance by approximately one-third.

US Comex inventories exceeded 1 million tons in July as traders stockpiled metal to avoid a potential 15% tariff that could be implemented as early as January 2027.