Hot Topics in Global Metals & Mining Each Week, BMO Equity Research Metal Matters

BMO Equity Research Metal Matters

Hot Topics in Global Metals & Mining Each Week

Featuring Colin Hamilton, Commodities analyst at BMO Capital Markets, Metal Matters discusses the hot topics in Global Metals & Mining each week.

Commodities

<ul><li>Turbulent macro backdrop with concerns over US-China trade relations and credit quality affecting global economy and metals demand</li><li>Mixed sentiments on copper market balances for next year, with varying views on supply from DRC and Chinese demand</li><li>Aluminium narrative looking positive with China's X supply growth and debate on market balances centered around capacity ramp up from Indonesia</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Turbulent macro backdrop with concerns over US-China trade relations and credit quality affecting global economy and metals demandMixed sentiments on copper market balances for next year, with varying views on supply from DRC and Chinese demandAluminium narrative looking positive with China's X supply growth and debate on market balances centered around capacity ramp up from IndonesiaThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Copper prices surged from around $10,000 to $10,350 per metric ton due to a longer and more severe outage than expected at the Grasberg mine.</li><li>The disruption in production is expected to result in a 200,000 metric ton shortfall in the fourth quarter of 2025 and a further 270,000 metric ton loss in 2026.</li><li>The impact of the supply shortage has flipped the refined copper market from a surplus to a significant deficit, leading to a bullish outlook and a projected price increase to $11,250 per metric ton in the first quarter of 2026.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Copper prices surged from around $10,000 to $10,350 per metric ton due to a longer and more severe outage than expected at the Grasberg mine.The disruption in production is expected to result in a 200,000 metric ton shortfall in the fourth quarter of 2025 and a further 270,000 metric ton loss in 2026.The impact of the supply shortage has flipped the refined copper market from a surplus to a significant deficit, leading to a bullish outlook and a projected price increase to $11,250 per metric ton in the first quarter of 2026.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Supply disruptions give copper prices breakout velocity

<ul>
<li>Market expected tariffs on cathode and other copper products, but final announcement only included tariffs on scrap</li>
<li>Change in tariff decision led to collapse in premium of COMEX over LME</li>
<li>Import influx of copper in US may now flow to LME warehouses, potentially affecting prices and supply security efforts</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Market expected tariffs on cathode and other copper products, but final announcement only included tariffs on scrap
Change in tariff decision led to collapse in premium of COMEX over LME
Import influx of copper in US may now flow to LME warehouses, potentially affecting prices and supply security efforts

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Tariff shockwaves churn crude and copper markets

<ul><li>Trump announced a 50% Section 232 base tariff on copper imports starting August 1st</li><li>The details of the tariff, including which products it applies to and any exemptions, remain unknown</li><li>The arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Trump announced a 50% Section 232 base tariff on copper imports starting August 1stThe details of the tariff, including which products it applies to and any exemptions, remain unknownThe arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover

Podcast by S&P analysing commodity market trends, Commodities Focus

Commodities Focus

Podcast by S&P analysing commodity market trends

S&P Global Commodity Insights analysis of key news and pricing issues from across the global shipping, natural gas, power, petrochemicals, agriculture, and coal markets.

<ul><li>Copper pricing reporter Han Lu, sulfuric acid reporter Ong Jialun, and China content reporter Lucy Tang share insights on copper market trends and trade flows</li><li>China copper concentrates assessments have hit negative levels in 2025 due to tight supply and growing demand from China and India</li><li>Smelters are running at production losses due to low TCRC but continue to buy in the market to meet output targets and maintain production levels</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Copper pricing reporter Han Lu, sulfuric acid reporter Ong Jialun, and China content reporter Lucy Tang share insights on copper market trends and trade flowsChina copper concentrates assessments have hit negative levels in 2025 due to tight supply and growing demand from China and IndiaSmelters are running at production losses due to low TCRC but continue to buy in the market to meet output targets and maintain production levelsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global copper markets navigate trade flow shifts and smelting challenges

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

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Copper (COPPER COMDTY)

From London to Beijing

Turbulent macro backdrop with concerns over US-China trade relations and credit quality affecting global economy and metals demand Mixed...

BMO Equity Research Metal Matters

Global Commodities: Supply disruptions give copper prices breakout velocity

Copper prices surged due to a prolonged outage at a mine, resulting in a significant loss of production and a shift from surplus to deficit, with...

At Any Rate

Global Commodities: Tariff shockwaves churn crude and copper markets

The tariff on copper products caused market confusion and price corrections, leading to uncertainty around its impact on US copper self-sufficiency...

At Any Rate

Global Commodities: 50% copper tariffs coming soon; now comes the copper hangover

Trump's announcement of a 50% tariff on copper imports starting in August has caused uncertainty in the market and could impact copper prices in...

At Any Rate

Global copper markets navigate trade flow shifts and smelting challenges

Key copper pricing reporter Han Lu, sulfuric acid reporter Ong Jialun, and China content reporter Lucy Tang discuss the current trends in the...

Commodities Focus

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