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.
- A U.S. Commerce Department report on June 30 will determine future tariffs on refined copper.
- Goldman Sachs and Citigroup raised their copper price forecasts.
- A projected 640 thousand ton supply shortfall outside the U.S. for 2026 is cited.
- Mine disruptions in Indonesia and the Democratic Republic of Congo are contributing factors.
July Copper futures experienced a mid-session rebound, turning positive after earlier losses. The commodity had recently fallen short of its all-time highs. Market sentiment is currently shaped by anticipated trade policies, particularly a forthcoming report from the U.S. Commerce Department scheduled for June 30, which will dictate future tariffs on refined copper. Adding to the market's dynamics, financial institutions Goldman Sachs and Citigroup have revised their copper price projections upward. They attribute this revised outlook to an anticipated global supply deficit of 640 thousand tons outside the United States in 2026, driven by significant mine disruptions in key producing regions like Indonesia and the Democratic Republic of Congo.