Copper price climbs to fresh high: project economics lens for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Copper futures on the London Metal Exchange rose 1.3% to a fresh record of $11,771/t as US stockpiling ahead of expanded tariffs and China’s pledge to maintain a “proactive” 2026 fiscal stance tightened the supply–demand balance. Citic Securities estimates a refined copper shortfall of about 450,000 t in 2026 and says prices must average above $12,000/t to justify new mine capacity. For project developers, the 34% LME price gain this year, driven by data centres and EV demand plus mine outages, strengthens the case for advancing brownfield expansions and higher-grade projects.
Technical Brief
- LME copper futures intraday move reached 1.3%, peaking at $11,771/t before close.
- US buyers are pre-emptively importing and stockpiling refined copper ahead of expanded tariff implementation.
- China’s 2026 “proactive” fiscal stance explicitly targets power‑grid upgrades and computing‑power infrastructure, both copper‑intensive.
- Cofco Futures notes Politburo guidance as more expansionary than markets expected, reinforcing bullish copper positioning.
- Citic Securities forecasts a refined copper market deficit of 450,000 t in 2026, focused on products supply.
- US Comex copper prices already set a separate record at end‑July, driven by anticipated copper‑specific tariffs.
Our Take
Copper is one of the most frequently recurring commodities in our 199 Mining stories, and a 34% annual gain tends to move marginal project studies in China, the US and Europe into the money, prompting re-runs of feasibility models and reserve pricing assumptions.
For industrial metals in our database, sustained double‑digit annual price gains like this often precede a wave of project deferrals being reversed, particularly for lower‑grade or higher‑strip copper deposits that were previously marginal on capex-per-tonne metrics.
Given copper’s classification alongside other critical minerals in our coverage, a price profile like this to 2026 is likely to reinforce policy moves in China, the US and Europe around strategic stockpiles and permitting fast‑track regimes for new or expanded copper capacity.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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