Copper price in London hits new high: project economics lens for mine planners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Copper three-month LME futures jumped 2.5% intraday to a record US$11,210.50/t in London, extending a rally driven by bullish positioning. The move pushes prices well above the previous 2022 peak, tightening margins for copper smelters and wire-rod producers while improving project economics for high-cost operations and marginal sulphide deposits. Miners with near-term brownfield expansions or shovel-ready greenfield projects may find financing conditions more favourable if prices hold above the US$10,000/t threshold.
Technical Brief
- Elevated futures levels increase mark-to-market exposure for traders holding short positions on LME contracts.
- Higher forward prices improve NPV and IRR for long-life sulphide projects with high upfront capex.
- Price strength supports re-optimisation of cut-off grades, potentially extending mine life at existing operations.
- Smelter treatment and refining charge negotiations may shift as concentrate suppliers seek greater share of uplift.
- For new projects, higher copper price decks can justify deeper pits or lower-grade underground stopes.
Our Take
The 2.5% move in three‑month LME copper futures aligns with UBS’s recent uplift of its 2026 copper price deck, signalling that price action is now starting to reflect the tighter supply curve banks have been flagging.
Recent copper coverage in our database – from Panama’s audit of Cobre Panama to Anglo American’s ramp‑up at Quellaveco – underscores that much of the expected supply growth is politically or technically exposed, which tends to amplify price sensitivity to relatively small futures moves.
Transactions such as Highland Copper’s sale of its White Pine North stake indicate that higher copper prices are already feeding through to asset re‑pricing, giving project developers more leverage in farm‑outs and royalty deals if the current LME strength persists.
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.
Related Articles
Related Industries & Products
Mining
Geotechnical software solutions for mining operations including CMRR analysis, hydrogeological testing, and data management.
Tunnelling
Specialised solutions for tunnelling projects including grout mix design, hydrogeological analysis, and quality control.
CMRR-io
Streamline coal mine roof stability assessments with our cloud-based CMRR software featuring automated calculations, multi-scenario analysis, and collaborative workflows.
HYDROGEO-io
Comprehensive hydrogeological testing platform for managing, analysing, and reporting on packer tests, lugeon values, and hydraulic conductivity assessments.
GEODB-io
Centralised geotechnical data management solution for storing, accessing, and analysing all your site investigation and material testing data.


