Overview
- LME three-month copper futures reached about $11,200 per metric ton on Wednesday, topping the previous May 2024 peak.
- Glencore cut full-year copper guidance after reporting lower nine-month output, following similar reductions from Anglo American.
- Accidents and disruptions at major mines in Chile, Indonesia, and Congo tightened supply and reinforced the physical squeeze.
- The International Copper Study Group now projects a roughly 150,000-ton refined-copper deficit next year, reversing this year's surplus.
- A weaker dollar, expectations for Federal Reserve rate cuts, and a potential U.S.–China thaw ahead of a Trump–Xi meeting lifted sentiment, though analysts warn speculative positioning and soft demand could cap further gains.