Geomechanics.io

  • Free Tools
Sign UpLog In

    Geomechanics.io

    Geomechanics, Streamlined.

    © 2026 Geomechanics.io. All rights reserved.

    Geomechanics.io

    CMRR-ioGEODB-ioHYDROGEO-ioQCDB-ioFree Tools & CalculatorsBlogLatest Industry News

    Industries

    MiningConstructionTunnelling

    Company

    Terms of UsePrivacy PolicyLinkedIn
    Projects

    Copper price stalls below record: mine supply and SX‑EW signals for planners

    September 10, 2026|

    Reviewed by Tom Sullivan

    Copper price stalls below record: mine supply and SX‑EW signals for planners

    First reported on MINING.com

    30 Second Briefing

    Copper is trading just below record levels, with Comex December at about $6.85/lb ($15,110/t) after hitting an all‑time high of $6.8730/lb, while LME three‑month briefly reached $14,779/t as exchange inventories shift sharply into US Comex warehouses, now holding 695,624 t versus roughly 300,000 t combined on LME and Shanghai. China’s August imports fell to 382,000 t, their weakest August in six years, while US refined imports hit a record 225,094 t in July amid uncertainty over proposed 15–30% tariffs from 2027. High prices are reviving SX‑EW capacity at Collahuasi (targeting 6,000 t cathode in 2027) and Mantoverde despite sulphuric acid rising from $155/t to $400/t, as global mine output heads for its first annual decline since 2017 after disruptions at Grasberg and Kamoa‑Kakula.

    Technical Brief

    • Comex copper inventories reached 695,624 t, more than double combined LME and Shanghai stocks.
    • Shanghai exchange stocks dropped to 63,000 t, the lowest level since January 2024.
    • LME copper inventories have fallen nearly 40% since late May, tightening deliverable supply outside the US.
    • Total exchange copper stocks rose 33% in 2026 to 993,276 t, but with a strong US skew.
    • Comex holdings increased 53% in 2026 while Shanghai’s declined 57%, inverting the traditional regional balance.
    • World mine output fell 1.1% in H1 2026, driven by a 2.6% drop in concentrate production.
    • Indonesian concentrate output declined 32% with Grasberg constrained, while DRC concentrate fell 34% after seismic damage at Kamoa-Kakula.
    • Chilean mine production dropped 6.6% in H1 2026 and August copper export value slid to $4.62 billion.
    • SX-EW cathode output still grew 4.3% in H1 2026, partially offsetting concentrate shortfalls.
    • Analysts now see 2026 mine supply flat to slightly lower, implying structural tightness until at least 2030 given long permitting lead times.

    Our Take

    Anglo American and Glencore’s exposure to Collahuasi in Chile, highlighted in our recent coverage of the proposed Anglo–Teck merger, becomes more strategically important when Chile accounts for a quarter of world copper mining but only a small share of smelting, tightening the link between Andean mine disruptions and global refined supply.

    The 4.3% rise in SX-EW cathode output versus falling concentrate production suggests heap leach and oxide projects such as Marimaca Copper’s oxide development in northern Chile may see relatively smoother ramp-up pathways and financing interest than new sulphide concentrators in the near term.

    Geotechnical Software for Modern Teams

    Centralise site data, logs, and lab results with GEODB-io, CMRR-io, and HYDROGEO-io.

    No credit card required.

    • Save and export unlimited calculations
    • Advanced data visualisation
    • Generate professional PDF reports
    • Cloud storage for all your projects

    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

    Mining stocks claim 60% of 2026 TSX30: project funding signals for engineers
    Mining
    about 2 hours ago

    Mining stocks claim 60% of 2026 TSX30: project funding signals for engineers

    Mining stocks captured a record 60% of the 2026 TSX30, with 18 miners on the list and Montage Gold delivering a 2,502% three-year dividend-adjusted share-price gain. Critical mineral names joined the traditional gold and silver leaders, with Faraday Copper up 688%, Aclara Resources 587% and Trilogy Metals 570%, signalling stronger market pricing of copper and rare earth exposure. Eleven of the 18 mining entrants are TSX Venture graduates, reinforcing Canada’s junior-to-main-board funding pathway for projects moving from exploration towards development.

    Precious metals still have something to prove: risk–return lens for mine investors
    Mining
    about 2 hours ago

    Precious metals still have something to prove: risk–return lens for mine investors

    Gold, silver and mining equities have staged a strong rally, but The Technical Traders CEO and chief market strategist Chris Vermeulen warns longer-term charts still show lower highs and lower lows, signalling an intact downtrend. He argues recent inflows into miners look like herd behaviour and expects a pullback, stressing the opportunity cost of holding stagnant precious metals when alternative assets could yield around 10% annually over several years. Bond-market fear and focus on rising yields are driving investors towards gold as a perceived refuge from the US dollar, but Vermeulen remains cautious on timing entry.

    Mining
    about 2 hours ago

    Cat D11 XE electric drive dozer: productivity and fuel-use lens for mine planners

    New Cat D11 XE electric drive dozer is claimed to cut fuel use by up to 25% per unit of material moved while increasing material moved by 5–10% compared with the conventional D11. The electric drive system is aimed at high-production mining dozing, where lower specific fuel burn directly reduces cost per bank cubic metre and extends refuelling intervals. For mine planners and maintenance teams, the shift to electric drive also changes lifecycle cost profiles and may affect haul road design and push distances due to higher effective productivity.

    Related Industries & Products

    Mining

    Geotechnical software solutions for mining operations including CMRR analysis, hydrogeological testing, and data management.

    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.

    AllGeotechnicalInfrastructureHazardsEnvironmental