Copper stayed elevated and volatile this week as geopolitical risk, tight concentrate conditions and policy uncertainty continued to support prices. The market is still being driven as much by supply fragility and macro risk as by near-term physical demand.
Market overview
Trading Economics reported copper at 6.02 US dollars per pound on 23 April 2026, equivalent to about 13.27 US dollars per kilogram or 13,272 US dollars per tonne. On the LME, copper.com.au displayed an official copper price of 13,198 US dollars per tonne as at 23 April 2026, equal to about 13.20 US dollars per kilogram, while Reuters reported LME three-month copper at 13,270 US dollars per tonne on 22 April. These benchmarks show copper holding near multi-week highs despite some late-week price easing.
Reuters said copper hit a seven-week high after President Donald Trump extended a ceasefire with Iran, lifting broader risk sentiment, although uncertainty over the conflict’s next phase limited further gains. Bloomberg also reported copper retreating from its highest level since February as traders reassessed geopolitical risk.
Strategy and outlook
The medium-term copper outlook remains constructive because concentrate supply is still tight even though visible exchange stocks have risen. Reuters reported Comex warehouse stocks at 544,887 tonnes and LME inventories at 395,575 tonnes, but those stock levels have not removed concern that smelting capacity is growing faster than concentrate availability.
China remains central to the outlook. Reuters reported that China’s copper import slump reflects changing trade flows and high prices rather than a straightforward collapse in long-term demand. Structural demand from electrification, grid build-out, transport decarbonisation and data-centre investment continues to support the broader copper thesis.
Iran war impact
The Iran war is affecting copper mainly through energy costs, inflation pressure and supply-chain disruption rather than direct mine closures. Reuters reported that sulfuric acid availability and pricing have become more disruptive for copper and nickel processing chains, adding further pressure to already weak smelter economics. At the same time, the wider energy shock is raising operating costs across mining, processing and manufacturing.
That creates a two-speed market. Supply costs are rising, which supports prices, but downstream demand could soften if energy inflation and weak confidence weigh on industrial activity.
Major producer updates
Producer updates continue to show that meaningful supply growth remains hard to deliver. Reuters reporting cited by Mining.com said Codelco expects to produce 1.344 million tonnes in 2026, up only modestly from 1.33 million tonnes in 2025. Separate Reuters reporting indicated that war-related price surges have lifted Codelco’s costs in Chile, even as the company remains on track to meet its target.
Anglo American has reported weaker copper output and lower guidance, highlighting ongoing operational pressure in Chile. Antofagasta has maintained guidance, but with an explicit assumption that fuel prices ease from war-elevated levels. Freeport continues advancing its El Abra expansion plans, while Ivanhoe’s Kamoa-Kakula has reaffirmed guidance as its new smelter ramps up.
ConnectOre
ICAA’s website describes ConnectOre as a platform that harnesses the collaborative intelligence of the copper industry, aggregates knowledge and accelerates innovation and sustainability across the global resources sector. The site says ConnectOre provides insights on technology and emerging research to help address key industry challenges, including zero-emission mining, supported by CopperAI. Learn more at connectore.org.
