July Copper futures turned positive after a mid-session rebound, recovering from earlier losses. Market volatility is driven by anticipated U.S. trade policies and a projected 2026 supply shortfall outside the U.S. due to mine disruptions.
The rebound in copper futures, influenced by supply concerns and potential trade policy shifts, signals ongoing market sensitivity to geopolitical and economic factors affecting critical commodity markets.
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.