Copper Weekly

Benchmark's Copper Weekly is back for episode three — and this week there is one story that dominates the conversation above all else. The Trump-Iran peace announcement sent shockwaves through financial markets, and copper was no exception. Mike and Albert unpack what it means for prices, sentiment and the physical supply chains that underpin copper production.In this episode:The Peace Deal and Copper Prices — When the US-Iran peace announcement landed, copper pushed up sharply and the dollar fell almost to the minute. Albert explains the mechanics behind that relationship and why the news carried both immediate and longer-term implications for the copper market.Will it Hold? — Even if the deal proves fragile, Albert argues there may be enough time for sulphur and acid shipments to move through the Strait of Hormuz and replenish critical stockpiles. A temporary peace may be enough to shift the SX-EW picture meaningfully.US Copper Stockpiles Hit Staggering Levels — April import data came in at around 130kt, and Benchmark's estimates now put total US copper cathode stocks at approximately 1.2Mt. To put that in context, that is more refined copper than Germany, Japan or South Korea consumes in an entire year.Mining Equities vs the Copper Price — Copper prices are up around 10% year to date, but a basket of major mining equities has pushed up close to 40% over the same period. Albert breaks down why equities amplify copper's moves, from profit margin dynamics to retail investor flows and broader ETF positioning.Treatment Charges: Is There a Floor? — With a potential easing of sulphuric acid prices on the horizon, could TCs finally be approaching a turning point? Albert shares what smelters buying forward into 2027 at deeply negative levels are signalling about their own expectations.The Week Ahead — All eyes on Friday and the potential signing of the US-Iran memorandum in Switzerland. Albert also flags the approaching June 30th tariff deadline as a second major catalyst that could move both the CME and LME in the coming days.New episodes every week. Follow the show and leave a rating — it helps us reach more people across the copper market and beyond.Copper Weekly is produced by Benchmark, the leading independent price reporting agency and market intelligence provider for critical minerals and energy transition metals.Benchmark’s Copper Service delivers in‑depth analysis of prices, trade flows, supply and demand fundamentals, smelter and mine dynamics, and regional physical markets – helping producers, traders, consumers and investors understand what is really driving the copper market.To learn more about Benchmark’s copper coverage, explore our data and analysis, or to arrange a demonstration of the service, visit: www.benchmarkminerals.com/copper You can also receive Benchmark’s free fortnightly copper newsletter, featuring market commentary and key developments, by signing up here: www.benchmarkminerals.com/newsletters For questions about this episode, or to speak directly with our copper analysts and team, contact us at: [email protected] 

Benchmark's Copper Weekly is back for episode two — and with host Mike Finch holding the fort in London and analyst Albert reporting live from Washington DC, this week's conversation covers a market where macro forces are firmly in the driving seat.With copper prices easing back slightly from last week's levels, Mike and Albert unpack whether the recent equity sell-off and Middle East re-escalation represent genuine fundamental reassessment or simply short-term noise in what remains a historically elevated price environment.In this episode:Macro vs. Fundamentals — Equities sold off, the Middle East flared up again, and copper felt some pressure. But with prices still comfortably above $13,000/t, is Dr. Copper simply responding to noise, or is something deeper shifting?The Arbitrage Narrows — The CME-LME spread pulled back from around $600/t to $374/t. Is that wide enough to keep incentivising US imports, and what does the forward curve tell us about where things are headed?June 30th Countdown — The next US Section 232 tariff announcement is approaching fast. Albert gives his honest assessment of what to expect — and why even seasoned market participants are treating it as a genuine coin flip.Peru vs. Chile — Peru just recorded its best ever Q1 copper output while Chile hit its worst since 2017. Albert breaks down the structural reasons behind these diverging trajectories and whether the trend has further to run.The Week Ahead — Wednesday's US inflation print is the key data point to watch. Albert also flags LME cancellations and the arbitrage as the copper-specific signals worth tracking closely.Plus: Albert previews his meetings with miners and financials in New York — and reveals the three questions everyone in the room will want answered.New episodes every week. Follow the show and leave a rating — it really helps us grow.Copper Weekly is produced by Benchmark, the leading independent price reporting agency and market intelligence provider for critical minerals and energy transition metals.Benchmark’s Copper Service delivers in‑depth analysis of prices, trade flows, supply and demand fundamentals, smelter and mine dynamics, and regional physical markets – helping producers, traders, consumers and investors understand what is really driving the copper market.To learn more about Benchmark’s copper coverage, explore our data and analysis, or to arrange a demonstration of the service, visit: www.benchmarkminerals.com/copper You can also receive Benchmark’s free fortnightly copper newsletter, featuring market commentary and key developments, by signing up here: www.benchmarkminerals.com/newsletters For questions about this episode, or to speak directly with our copper analysts and team, contact us at: [email protected] 

Welcome to Copper Weekly – Benchmark's brand-new podcast cutting through the noise of global copper markets. In this inaugural episode, host Mike Finch and Copper Analyst & Market Reporter, Albert Mackenzie, sit down to do something a little different: instead of diving straight into the week's moves, they zoom out and ask the bigger question — why is copper where it is, and what got us here?In this episode:Structural price highs – What's really behind copper's elevated pricing regime, from long-term supply deficit fears to surging interest from pension funds and AI-linked investment vehiclesThe tariff effect – How US Section 232 tariff speculation triggered a dramatic CME-LME arbitrage, flooded America with copper imports, and created an artificial tightness that rattled global marketsThe TC/RC collapse – Treatment charges have gone deeply negative — something analysts once called impossible. Albert unpacks the smelter capacity glut, the Cobra Panama shutdown, and what minus-$100 TCs actually meanSupply disruptions – Grasberg, El Teniente, Kamoa-Kakula: big names, big headlines — but was the disruption more psychological than physical?Acid & the Iran conflict – Why a Middle East conflict is moving copper markets through sulfuric acid supply chains, and whether the "20% of supply at risk" headline holds up to scrutinyPlus: A look at the week ahead — with the June 30th Section 232 announcement looming, Albert shares exactly what signals to watch.Whether you're a seasoned trader or simply curious about the commodity powering the energy transition, this is the essential primer for everything copper in 2025-26.Chapters00:00 Introduction and Market Overview01:04 Setting the Big Picture: 2025 Market Context02:08 Why Copper Prices Are at a Structural High05:09 US Tariffs and Market Impact09:18 Treatment Charges and Concentrate Market Dynamics14:37 Supply Risks and Mine Disruptions in 202518:01 Comparing Current Cycle to Past Bull Markets20:01 Recent Price Movements and Market Drivers22:40 Geopolitical Risks and Acid Supply Concerns28:32 Looking Ahead: Key Events and Market IndicatorsCopper Weekly is produced by Benchmark, the leading independent price reporting agency and market intelligence provider for critical minerals and energy transition metals.Benchmark’s Copper Service delivers in‑depth analysis of prices, trade flows, supply and demand fundamentals, smelter and mine dynamics, and regional physical markets – helping producers, traders, consumers and investors understand what is really driving the copper market.To learn more about Benchmark’s copper coverage, explore our data and analysis, or to arrange a demonstration of the service, visit: www.benchmarkminerals.com/copper You can also receive Benchmark’s free fortnightly copper newsletter, featuring market commentary and key developments, by signing up here: www.benchmarkminerals.com/newsletters For questions about this episode, or to speak directly with our copper analysts and team, contact us at: [email protected]