2026.09.2910:32:15UTC+00Copper Prices Below Record Levels

Copper futures slipped to about $6.50 per pound, extending their pullback from the record highs of $6.80 per pound reached earlier in the month, as weakening economic data from top consumer China dampened the demand outlook. Industrial profits in China rose 15.7% in the first eight months of the year compared with the same period a year earlier, easing from a 17.6% increase recorded over January–July.

At the same time, supply risks are resurfacing. Workers at Antofagasta’s Centinela operation in Chile rejected the company’s final wage proposal, opening the door to a potential strike. Last week, operations at BHP’s Escondida mine in Chile—the world’s largest copper mine—were suspended following a fatal accident, though production is now being gradually restored.

Despite the recent pullback, copper prices remain on track for an increase of nearly 6% in the third quarter, with physical markets showing signs of tightening. Large volumes of refined copper have been stockpiled in US warehouses amid expectations that the Trump administration will impose tariffs on imports.