Key facts
- July Copper futures turned positive after a mid-session rebound.
- Copper futures had previously fallen short of all-time highs.
- Market volatility is influenced by upcoming U.S. trade policies and a tariff report due June 30.
- Goldman Sachs and Citigroup raised their copper price forecasts.
- A projected 640,000-ton supply shortfall outside the U.S. for 2026 is cited.
- Mine disruptions in Indonesia and the Democratic Republic of Congo contribute to the shortfall.
July Copper futures experienced a mid-session rebound, recovering from earlier losses and turning positive. The market had previously seen copper futures fall short of all-time highs earlier in the week. Volatility in the copper market is currently being driven by anticipated trade policies, notably a report from the U.S. Commerce Department scheduled for release on June 30, which will determine future tariffs on refined copper. In addition to policy uncertainty, financial institutions Goldman Sachs and Citigroup have revised their copper price forecasts upwards. They attribute this revision to an anticipated supply shortfall of 640,000 tons outside the U.S. in 2026, stemming from disruptions at mines located in Indonesia and the Democratic Republic of Congo.