On July 15, 2026, three pieces of news with not entirely aligned directions emerged in the copper market on the same day, worth reading together.
On Friday, June 20, 2026, Panama's Ministry of Environment officially released the independent audit report on the Cobre Panama copper mine conducted by Swiss inspection agency SGS.
Chile's state-owned copper company Codelco, the world's largest copper producer, is planning to integrate its three core mines in the north.
In 2025-2026, copper supply from Chile and Peru continues to be hit by strikes and accidents, pushing output to repeated record lows. LME copper prices have risen 24% to an all-time high of US$13,000 per metric ton, underscoring the growing instability of South American copper supply and potentially signaling long-term changes to the pricing system.
In 2025, LME copper prices rose 24%, the largest annual gain since 2009, and in 2026 they briefly surpassed $13,000 per tonne. Core South American copper suppliers Chile and Peru face multiple shocks including strikes, power outages, and accidents. In 2026, Chile's copper output hit a nine-year low, intensifying supply instability that could reshape the long-term pricing system.
The Strait of Hormuz blockade is stranding 40,000 tonnes of copper cathode per month; combined with Grasberg's 35% output cut, global copper supply could fall short by more than 400,000 tonnes in 2026, with prices potentially breaking above $15,000 per tonne.