During January 2026, 3 month LME copper prices traded within a range of 12,444 - 14,527.5 usd/ ton, exhibiting a strong performance throughout the month. Price movements were primarily driven by supply-side risks, macroeconomic expectations, and investor sentiment. At the beginning of the month, copper prices opened with a premium following the failure of negotiations between the main labor union and the company over new labor agreements at Capstone Copper’s Mantoverde copper and gold mine in Chile, which led to hundreds of miners going on strike. In addition, low inventory levels in London LME approved warehouses further intensified supply concerns, providing strong upside support to prices. As the month progressed, expectations that China would introduce new policy measures to stimulate domestic demand strengthened copper’s gains. Ongoing supply risks combined with a weaker U.S. dollar allowed prices to repeatedly test record-high levels throughout January. Toward the end of the month, mining accidents in Chile particularly persistent strike concerns at the Mantoverde mine along with geopolitical risks stemming from renewed tariff threats by President Trump, encouraged speculators to take more aggressive positions amid expectations of strong demand. Supported by sustained investor buying, copper prices continued to climb and ultimately tested an all time high of 14,527.5 usd/ ton on Thursday, January 29, 2026. However, signs of weakness on the demand side became increasingly evident. The Yangshan premium in China falling to around USD 20 per tonne indicated subdued spot demand, while rising inventories in LME and COMEX warehouses, especially inflows into U.S. warehouses, suggested that global stock levels remained relatively high. Following the record price levels, profit-taking activity weighed on the market. In addition, the strengthening of the U.S. dollar after President Trump nominated Kevin Warsh as a candidate for the Federal Reserve Chair added further pressure on copper prices. As a result, copper prices fell by more than 4% on Friday, January 30, 2026. Despite the sharp correction at the end of the month, 3 month LME copper prices closed January with a monthly gain of 4.59% at 13,070.5 usd/ ton, reflecting the overall strength observed during the month. MONTHLY REVIEW & INDUSTRY NEWS   The global refined copper market showed a 94,000 metric tons surplus in November, compared with a 48,000 metric tons surplus in October, the International Copper Study Group (ICSG) said in its latest monthly bulletin.   -        For the first 11 months of the year, the market was in a 206,000 metric tons surplus compared with a 105,000 metric tons surplus in the same period a year earlier, the ICSG said.   -        World refined copper output in November was 2.37 million metric tons , while consumption was 2.28 million metric tons.     Chile's copper production is expected to grow 3.7% this year from 2025 to 5.613 million metric tons, state copper commission Cochilco said.   -        Cochilco also estimated a 6.4% increase in 2027 to 5.973 million tons. Chile is the world's largest copper producer.     Cochilco said in its 2025-2034 outlook that Chile's copper output is set to reach 5.86 million metric tons in 2034, after hitting a peak of 6.06 million tons the previous year.     Peru's copper production declined 11.2% year-on-year in November of 2025, reaching 216,152 metric tons, the energy and mining ministry said.   -        Peru, the world's third-largest producer of the red metal, expects to produce about 2.8 million metric tons of copper in 2025, up from 2.74 million tons in 2024, according to the latest government estimates.     Congo’s state miner Gecamines said it had exercised its right to buy 100,000 tonnes of copper from Chinese company CMOC’s Tenke Fungurume (TFM) mine this year.     Zambia's copper production last year rose 8%, driven by higher output at major mines, the mines ministry said.   -        Africa's second-largest copper producer's output was 890,346 metric tons in 2025, up from 825,513 tons the previous year but missing a target of 1 million tons.     China's unwrought copper imports in 2025 fell to the lowest level since 2020, China's customs data showed on Wednesday, as high prices weighed on demand.   -        The top consumer imported 5.32 million metric tons of unwrought copper in 2025, down 6.4% from 2024, data from the General Administration of Customs showed, the lowest since record-high imports in 2020.   -        December imports increased 2.3% to 437,000 tons compared with November, the data showed.      China's refined copper production in December rose 9.1% year-on-year to 1.33 million metric tons, data from the National Bureau of Statistics showed.   -        The December volume was up 7.3% from 1.24 million tons in the month prior .   -        On a daily basis, average copper output was around 43,900 tons last month, according to Reuters calculations based on the official data.     LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

In December, LME 3M copper prices traded within a range of $11,121–$12,960, ending the month at $12,496.5 and posting a monthly gain of 11.82%. The rally was primarily driven by intensifying supply-side concerns, supported by robust macroeconomic signals from the United States and a persistently weaker U.S. dollar. Prices found early support following the approval of production cut plans for 2026 by major Chinese smelters, the world’s largest copper consumers, alongside Codelco’s record-high premium offers, which reinforced expectations of a tightening concentrate market. Sentiment was further boosted by Citi’s upward revision of its copper price forecasts and continued optimism surrounding U.S. monetary policy. Weaker-than-expected industrial production data from China also shifted market focus toward supply constraints rather than demand weakness. Momentum strengthened toward month-end after Antofagasta reached an agreement with a Chinese smelter on zero treatment charges for 2026 copper concentrate, a development that underscored severe tightness in the concentrate market. At the same time, strong U.S. economic growth data supported demand expectations, while the softer U.S. dollar remained price-positive. As a result, copper tested its all-time high of $12,960 on Monday, December 29, 2025, before closing the month slightly lower. On a weekly basis , LME 3M copper posted solid gains throughout most of December:   First week:  Prices rallied sharply amid escalating supply concerns, supported by Chinese smelters’ production cut plans and Codelco’s elevated premiums. Copper tested an all-time high of $11,705 and closed the week at $11,665, up 4.38%.   Second week:  Up trend continued, driven by China’s fiscal stimulus commitments, Fed rate cuts that weakened the U.S. dollar, and continued inflows of copper into U.S. inventories, raising concerns over tightening supply elsewhere. After reaching $11,952, prices retreated on renewed concerns around the AI sector and profit-taking, closing the week at $11,552.5, down 0.96%.   Third week:  Trading turned volatile amid mixed demand signals from China and position reductions ahead of the Christmas holiday. Late-week support emerged following Goldman Sachs’ upward revisions, highlighting structural constraints in mine supply. Copper closed the week at $11,870.5, up 2.75%.   Final week: Prices revisited record highs after the Antofagasta agreement on zero treatment charges. During the shortened holiday week, copper remained supported by strong U.S. economic data and a weaker dollar, testing a new all-time high of $12,282 before closing at $12,133, up 2.21% on the week. Full-Year 2025 Overview   In 2025, LME 3M copper traded within a wide range of $8,105–$12,960, surging to near $13,000 per tonne and reaching successive all-time highs. Prices posted an annual gain of 42.30%, driven by persistent mine supply disruptions, U.S. strategic stockpiling, and a sharp increase in copper shipments to the United States, which deepened global supply imbalances.   Additional upside pressure stemmed from production setbacks at Indonesia’s Grasberg mine following an accident in September and concerns over potential U.S. copper tariffs in 2026. Looking ahead, analysts expect elevated price volatility, particularly in the first quarter of 2026. Meanwhile, China has pledged to expand fiscal spending and maintain government support for economic growth, with increased investment planned in advanced manufacturing, technological innovation, and human capital development.   Supported by these structurally bullish factors, copper prices closed 2025 at $12,496.5, capping one of the strongest annual performances in recent history. MONTHLY REVIEW & INDUSTRY NEWS      China's imports of copper fell 2.5 % from month ago to 427,000 tonnes in November, data from the General Administration of Customs showed.   -        Unwrought copper and copper product imports into China, the world's leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products.        China's refined copper production in November jumped 11.9% year-on-year to 1.24 million tons, data from the National Bureau of Statistics showed.   -        The November volume was up 2.7% from 1.2 million tons in October, reversing a two month decline.        Copper production from Chilean state-run miner Codelco fell 14.3% in October, data from copper commission Cochilco showed, falling to 111,000 metric tons.   -        Meanwhile production at BHP's Escondida mine, the world's largest copper mine, climbed 11.7% from the same month a year earlier to 120,600 tons.   -        At Collahuasi, another major copper mine jointly run by Glencore and Anglo American, output fell 29.3% to 35,000 tons.        Copper output in Chile, the world's largest producer of the metal, fell 7% year-on-year in October to 458,405 metric tons, statistics agency INE said.   -        Manufacturing production in the Andean nation was slightly down 0.4% in the month on a yearly basis, the agency also said.        Peru's copper production grew 4.8% in October compared to the same month in 2024, reaching 248,192 metric tons, the energy and mining ministry said.   -        Between January and October, copper production rose 3% year-on-year to 2,296,587 tons, the ministry added in a report.   -        Peru is the world's third-largest producer of the red metal, after the Democratic Republic of the Congo overtook Peru as the world's second largest producer in 2023.        Kazakhstan's refined copper output for January-November 2025 rose by 2.5% year-on-year to 431,998 mt, data from the statistics bureau showed.        The China Smelters Purchase Team, a group of the top copper smelters, has agreed to lower production capacity by more than 10% in 2026, according to research agency Shanghai Metals Market.        Ivanhoe Minesexpects copper output at its Kamoa-Kakula complex in the Democratic Republic of Congo to reach 380,000–420,000 metric tons in 2026 and 500,000–540,000 tons in 2027 as its recovery plan advances, the company said.        Rio Tinto, upgraded its 2025 copper production forecast, citing a ramp-up of operations at its Oyu Tolgoi project in Mongolia.   -        Rio said it now expects 2025 copper production between 860,000 and 875,000 metric tons on a consolidated basis, compared with is previous forecast of 780,000 to 850,000 tons.   -        The miner expects copper production between 800,000 and 870,000 tons in 2026.        Goldman Sachs raised its 2026 copper price forecast to $11,400 per metric ton from $10,650, citing reduced odds of a refined copper tariff being implemented in the first half of 2026 as affordability concerns take priority.        Citi sees copper to $13K/T over the next 6-12 months.        Morgan Stanley expects copper to experience a 260,000 ton deficit for 2025 and a 600,000 ton deficit for 2026.        LME stock and price chart are provided below for your information:   DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

In November, 3M LME copper traded in a range of $10,557.5 to $11,210.5. Prices began the month under pressure as weaker-than-expected factory and trade data from China raised concerns about global growth. Later on, the market found support from several drivers: FOMC minutes and comments from Fed officials revealed differing views within the Committee, while stronger-than-expected U.S. nonfarm payrolls added to policy uncertainty. Additional momentum came from reports that Nvidia may resume chip sales to China, optimism regarding the reopening of the U.S. government, and a pullback in the U.S. dollar. Amid these developments, copper rallied to a record high of $11,210.5 on the final trading day of November and ended the month up 2.61% at $11,175.5. Persistent concerns over reduced supply from Indonesia’s Grasberg mine this year and next also continued to underpin the market, playing a key role in driving prices to new all-time highs. Copper prices declined in the first week of November after disappointing Chinese factory data renewed growth concerns, while profit-taking from elevated levels added further pressure. However, a weakening U.S. dollar later in the week helped limit losses. Copper ended the week 1.80% lower at $10,695.   During the second week, optimism surrounding the reopening of the U.S. government and expectations for stronger demand ahead of Chinese economic data pushed copper up to $11,018. Yet profit-taking near the $11,000 threshold, combined with uncertainty around U.S. data, the Fed’s interest-rate outlook, and China’s weak economic readings, weighed on sentiment. Despite volatility, copper finished the week 1.41% higher at $10,846.   Copper retreated from early-week highs of $10,851 in the third week, pressured by concerns in the technology sector and a broader risk-off shift across financial markets as hopes for a near-term Fed rate cut faded. Throughout the week, sentiment was driven by China’s weak demand outlook, a stronger U.S. dollar, and September labor data from the U.S., prompting investors to remain cautious ahead of the Fed’s December policy decision. The metal ended the week 0.63% lower at $10,778.   In the final week of November, copper initially traded under pressure as mixed commentary from Federal Reserve officials created uncertainty surrounding a potential December rate cut. However, expectations shifted rapidly after weaker U.S. economic data increased the likelihood of a rate reduction and triggered outflows from U.S. equities, lending renewed support to industrial metals. Copper surged to a record high of $11,210.5, ending the week 3.69% higher and closing the month with a 2.61% gain at $11,175.5. MONTHLY REVIEW & INDUSTRY NEWS      China’s copper imports dropped in October, official data showed, as consumers shied away from restocking due to high prices for the metal used in power and construction.   -        Copper imports slid to 438,000 metric tons in October from 485,000 tons a month earlier, a 9.7% drop, according to data from the General Administration of Customs.        Chinese copper exports are on pace to set a record in 2025, with October shipments set to exceed 100,000 metric tons for only the third time ever, as rising domestic supply and higher foreign prices spur outflows.        Kazakhstan's refined copper output for January-October 2025 rose by 2.2% year-on-year, to 394,914 metric tons, data from the statistics bureau showed.        Copper production in Peru, the world's third-largest producer of the red metal, ticked up 3.7% in September, its energy and mining ministry said.   -        Output climbed to 240,995 metric tons in the month.        Copper output in Chile, the world's largest producer of the metal, fell 4.5% year-on-year in September to 456,663 metric tons, statistics agency INE said.   -        Manufacturing production in Chile was up 5% in the month on a yearly basis, the agency added, falling short of the 6.9% increase expected by economists polled by Reuters.        Copper production from Chilean state-run miner Codelco slid more than 7% in September, data from copper commission Cochilco showed, falling to 115,600 metric tons.   -        Meanwhile production at BHP's Escondida mine, the world's largest copper mine, climbed nearly 17% to 118,600 tons.   -        At Collahuasi, another major copper mine jointly run by Glencore and Anglo American, output fell 26% to 38,000 tons.   -        Copper output in Chile, the world's largest producer of the metal, fell 7% year-on-year in October to 458,405 metric tons, statistics agency INE said.   -        Manufacturing production in Chile was slightly down 0.4% in the month on a yearly basis, the agency also said.        Glencore is planning to close its Horne smelter, Canada's largest copper metal-producing operation, due to environmental issues and the millions of dollars needed to upgrade the facility, two sources with knowledge of the matter said.   -        The London-listed miner does not disclose copper metal production figures for its Canadian operation, but industry sources estimate annual output at more than 300,000 metric tons.        Goldman Sachs raised its December 2025 copper price forecast to $10,610 per ton from $10,385, reflecting a fourth-quarter rally.        LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

During October, 3M LME copper traded within the range of $10,263 to $11,200. Prices started the month on a positive note, supported by ongoing supply concerns, despite low trading volumes due to China’s National Day holiday (October 1–8), when Chinese exchanges were closed. At the beginning of the month, copper prices gained momentum after China announced a support plan aimed at revitalizing the non-ferrous metals sector and promoting the use of high-quality copper materials. Additional support came from a weaker U.S. dollar and rising global supply concerns following an accident at the Grasberg mine, one of the world’s largest copper producers. Entering the second week of October, trading activity picked up as Chinese markets reopened. Risk appetite improved amid persistent supply concerns, driving prices higher. On October 9, LME copper tested $11,000, the highest level since May 2024. However, gains were later capped after former U.S. President Trump announced plans to significantly increase tariffs on Chinese imports, escalating trade tensions. This, combined with profit-taking and a stronger dollar, pushed prices down. By October 10, copper had erased earlier gains and closed the week 3.05% lower at $10,374. In the third week, concerns over the U.S.–China trade conflict and its potential impact on demand for growth sensitive metals initially weighed on prices, which fell to around $10,430. However, renewed expectations of a Federal Reserve rate cut and a weaker dollar later supported the market, helping copper end the week 2.25% higher at $10,607. Copper extended its recovery during the fourth week, supported by strong Chinese economic data and signs of easing U.S.–China tensions. The metal closed the week 3.21% higher at $10,974. China’s third-quarter GDP grew 4.8% year-on-year, while September retail sales rose 3% and industrial production increased 6.5%, signaling a continued economic rebound despite weakness in the property sector. Copper prices started the last week of October on a positive note, supported by signs of easing trade tensions between China and the U.S., as well as stronger global growth and demand expectations. Prices were further boosted by ongoing supply concerns following an accident at the Grasberg mine. As a result, copper rose above its previous record high of $11,104.5 per ton, reached on May 20, 2024, and tested the $11,200 level. However, comments from Fed officials following a widely expected 25-basis-point rate cut created uncertainty about the Fed’s future policy path. In addition, weak manufacturing data from China fueled concerns about physical demand. Under the influence of these factors, copper prices ended the week down 0.51% at $10,891.5 per ton. At month’s end, China’s official manufacturing PMI fell to 49.0, below expectations of 49.6, marking its lowest level in six months and signaling contraction in the manufacturing sector. MONTHLY REVIEW & INDUSTRY NEWS      China's refined copper production in September rose by 10.1% from the prior year to 1.27 million metric tons, data from the National Bureau of Statistics showed.   -        The September volume was down 2.7% from 1.3 million tons in August when output was close to a monthly record high.   -        On a daily basis, average copper output stood at 42,200 tons last month, according to Reuters calculations based on the official data.        China's imports of copper rose 14.1 % from month ago to 485,000 tonnes in September, data from the General Administration of Customs showed.        Copper output in Chile, the world's largest producer of the metal, in August had its sharpest drop in over two years, according to data from statistics agency INE published.   -        Production slipped 9.9% year-on-year, to 423,643 metric tons versus 470,696 tons in August 2024.        Kazakhstan's refined copper output in January-September 2025 jumped by 1.2% year-on-year to 355,305 tonnes, data from the statistics bureau showed.        Global miner Anglo American posted a 9% drop in copper production in the first nine months of the year but maintained its 2025 guidance for the transition metal, and raised its outlook for iron ore output.   -        Anglo said its copper output stood at 183,500 metric tons in the July to September quarter, compared to 181,000 tons in the same period of 2024, but fell to 526,000 tons in the first nine months from 575,000 in 2024.        Copper output in Chile, the world's largest producer of the metal, fell 4.5% year-on-year in September to 456,663 metric tons, statistics agency INE said.   -        Manufacturing production in Chile was up 5% in the month on a yearly basis, the agency added, falling short of the 6.9% increase expected by economists polled by Reuters.        Chilean miner Antofagasta reported a modest 1% rise in third-quarter copper production, and said it expects annual output at the lower end of its forecast range of 660,000-700,000 metric tons.   -        Antofagasta produced 161,800 tons of copper in the third quarter, bringing year-to-date production to 476,600 tons, a 2.8% increase compared with the same period in 2024.        After reaching a historic copper production figure of more than 2 million tons in fiscal 2025 (ended June 30), Australian miner BHP continued to improve its results and closed the first quarter of fiscal 2026 (ended September 30) up 4% year-on-year to 494,000 tons.        Pan Pacific Copper (PPC) plans output of 287,400 metric tons of refined copper production in the second half of the 2025/26 financial year, down 2.5% from a year earlier, Japan's biggest supplier of the metal said.   -        The second half of Japan's financial year spans from October to March.        Japanese smelter Furukawa Co Ltd plans to produce 22,514 metric tons of refined copper for the second half of the 2025/26 financial year, nearly flat from the same period a year earlier, it said        Codelco's copper losses from the accident at its El Teniente mine are likely to be 45% higher than previously estimated, but Chairman Maximo Pacheco still expects the world's largest copper miner to slightly increase output this year.        Copper prices are expected to stay in a range of $10,000-$11,000 per metric ton in 2026/2027 due to a market surplus, though the long-term outlook remains positive, Goldman Sachs said in a note.        Goldman Sachs hiked its 2026 copper price forecast, expecting the metal to benefit from constrained supply following the Grasberg mine outage, while U.S. rate cuts and dollar weakness will also likely lend support.   -        The bank lifted its 2026 copper forecast to $10,500 per tonne from its earlier forecast of $10,000.     Cash copper price forecast and market balance forecast data of financial institutions participating in the Reuters survey;        LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

In September, 3M LME copper traded between $9,844 and $10,485. Prices came under pressure at the start of the month as expectations for a Federal Reserve rate cut strengthened, driving copper down to $9,844. However, falling refined copper production in China raised supply concerns and supported the market. Later in the month, the Fed cut its policy rate by 25 basis points to 4.00–4.25%, in line with expectations. Chair Jerome Powell indicated that gradual monetary easing could continue. While the stronger U.S. dollar limited the upside, optimism over U.S.–China trade talks and renewed supply risks supported prices. On September 25, following an accident at Freeport Indonesia’s Grasberg mine, one of the world’s largest copper producers, force majeure was declared and production was suspended. This drove copper to $10,485, its highest level since 29 May 2024. The metal closed September with a 3.94% gain at $10,296. During the first week of September, copper traded between $9,844 and $10,038. On September 3, prices tested $10,038, the highest level since March, supported by a positive economic outlook in both the U.S. and China. However, profit-taking and a rebound in the dollar prevented further gains. Although falling Chinese refined copper production raised supply concerns, weaker U.S. employment data strengthened expectations of a Fed rate cut, which weighed on prices. Copper ended the week down 0.41% at $9,865. In the second week, copper started at $9,883 and gained momentum from weak U.S. labor data, which reinforced expectations of Fed easing and pushed prices above $10,000. Midweek, new U.S. tariffs prompted global funds to reduce positions, briefly pressuring the market. However, declining LME inventories and renewed demand expectations in China triggered a sharp rebound. On Friday, copper climbed to $10,126 before closing the week at $10,064, marking a strong performance. In the third week, weak Chinese data weighed on prices early on, but optimism over progress in U.S.–China trade talks lifted copper to $10,192.5, its highest level since June 2024. Although volatility increased due to dollar strength after the Fed’s rate decision, Chinese buyers engaged in pre-holiday restocking ahead of the October break, helping the market recover. Copper pulled back from $9,917 but finished the week at $9,962. In the fourth week, copper prices began the week on a stronger note, supported by supply concerns after Grasberg mine operations were suspended. While the stronger dollar limited upside potential, copper rose to $10,485 on September 25, the highest since May 2024. It ended the week up 2.09% at $10,205. In the final trading days of September, which overlapped with China’s National Day holiday, copper came under pressure from profit-taking following its rally to a 15-month high. Despite restocking demand in China ahead of the holiday, high prices and uncertainty over U.S. interest rates dampened risk appetite. Copper closed the month at $10,296, down 1.27% on the day. MONTHLY REVIEW & INDUSTRY NEWS      The global refined copper market showed a 57,000 metric tons surplus in July, compared with a 14,000 metric tons deficit in June, the International Copper Study Group (ICSG) said in its latest monthly bulletin.   -        For the first 7 months of the year, the market was in a 101,000 metric tons surplus compared with a 401,000 metric tons surplus in the same period a year earlier, the ICSG said.   -        World refined copper output in July was 2.50 million metric tons, while consumption was 2.44 million metric tons.   -        When adjusted for changes in inventory in Chinese bonded warehouses, There was a 69,000 metric tons surplus in July compared with a 8,000 metric tons deficit in June, the ICSG said.        Copper output in Chile, the world's largest producer of the metal, in August had its sharpest drop in over two years, according to data from statistics agency INE published.   -        Production slipped 9.9% year-on-year, to 423,643 metric tons versus 470,696 tons in August 2024.   -        The state-run company reported losses of 33,000 metric tons of copper linked to the incident, and cut its 2025 guidance.   -        Manufacturing production in Chile was up 1.8% in the month on a yearly basis, the agency added. The data came in slightly below the 1.9% increase expected by economists polled by Reuters.        China's imports of copper fell 11.5 % from month ago to 425,000 tonnes in August, data from the General Administration of Customs showed.        Chile's state-owned Codelco, the world's largest copper producer, and BHP's Escondida mine both posted year-on-year increases in production in July, data from copper commission Cochilco showed.   -        Codelco's production rose to 6.4% 118,500 metric tons while Escondida, the world's largest copper mine, saw a 7.8% increase to 114,800 tons.   -        Collahuasi, a major copper mine jointly run by Glencore and Anglo American, saw output drop 27.2% to 34,200 tons.        A halt to production  at Codelco's El Teniente copper mine in late July after an accident could delay the company's efforts to return to its 2020-2021 production levels of 1.6 million metric tons per year, ratings agency Moody's said.        Pan Pacific Copper (PPC) plans output of 287,400 metric tons of refined copper production in the second half of the 2025/26 financial year, down 2.5% from a year earlier, Japan's biggest supplier of the metal said.   -        The second half of Japan's financial year spans from October to March.        Peru's copper output slid 2% to 228,007 metric tons in July compared to the same month last year, its energy and mining ministry said.   -        Through first the seven months of the year, however, output increased 3.3% compared to the same period of 2024 to hit 1.56 million tons, the ministry said.        Japanese smelter Furukawa Co Ltd plans to produce 22,514 metric tons of refined copper for the second half of the 2025/26 financial year, nearly flat from the same period a year earlier, it said.        Japan's Dowa Holdings expects to produce 4,201 metric tons of refined copper in the second half of the 2025/26 financial year, it said, up 10.8% from a year earlier.        Japan's Nittetsu Mining Co Ltd plans to produce 23,915 metric tons of refined copper in the second half of the 2025/26 financial year, nearly flat from a year earlier, it said.        Bank of America (BofA) raised its forecasts for 2026 and 2027 copper prices amid supply concerns and noted that demand is rebounding in Europe and set to stabilise in China .   -        The bank raised its copper price outlook for next year to $11,313 per ton from $10,188 and for 2027 to $13,500 per ton from $12,000.        Citi on Thursday raised its 0–3 month and fourth-quarter copper price forecasts to $10,500 per ton from $10,000 due to disruptions at the Grasberg copper mine in Indonesia.   -        The bank sees a market deficit of 400 kilotons in 2026 and expects prices to rally to $12,000 per ton next year, rising possibly to as high as $14,000 per ton.        LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

Three-month LME copper prices traded in the range of $9,576 – $9,924.5 in August. At the beginning of the month, prices fell to $9,576 due to rising LME inventories. However, weaker-than-expected U.S. employment data strengthened expectations of a Federal Reserve rate cut in September, while the U.S. dollar weakened, supporting prices.   The resumption of production at Chile’s El Teniente mine, operated by Codelco, eased supply concerns. Meanwhile, news of an extension to the U.S.–China trade truce and continued expectations of Fed rate cuts further bolstered the market. Toward the end of the month, statements from Nvidia on increased AI investments reinforced expectations that technological developments would boost copper demand. Consequently, copper prices climbed to $9,924.5 on the last trading day of the month, closing August with a 3.11% gain at $9,906. In the first week of August, weaker-than-expected U.S. employment data and a softer dollar supported prices, but rising LME inventories created short-term pressure. The accident at Chile’s El Teniente mine, operated by Codelco, initially raised supply concerns, but the resumption of production helped ease them, and LME copper ended the week up 1.40% at $9,768. During the second week, news that the U.S.–China trade truce would be extended and a weaker dollar following U.S. inflation data pushed prices higher, reaching $9,865 on August 12. However, uncertainties surrounding tariffs, the war in Ukraine, Chinese demand, and U.S. interest rates caused selling pressure at higher levels, and copper closed the week with a slight 0.08% decline at $9,760. In the third week, the U.S. decision to expand import tariffs put pressure on prices at the start of the week. Optimism regarding the tariff process and expectations ahead of the Jackson Hole symposium supported prices later, helping copper end the week with a 0.50% gain at $9,809. The final week of August began with low trading volumes due to the U.K. bank holiday. Copper prices turned higher after former President Trump announced he would dismiss Fed official Lisa Cook, raising questions about Fed independence while fueling expectations of rate cuts. The weaker dollar added to the upward momentum. On the last trading day of the month, copper climbed to $9,924.5 and closed August with a 3.11% gain at $9,906. MONTHLY REVIEW & INDUSTRY NEWS      The global refined copper market showed a 36,000 metric tons surplus in June, compared with a 79,000 metric tons surplus in May, the International Copper Study Group (ICSG) said in its latest monthly bulletin.   -        For the first 6 months of the year, the market was in a 251,000 metric tons surplus compared with a 395,000 metric tons surplus in the same period a year earlier, the ICSG said.   -        World refined copper output in June was 2.43 million metric tons , while consumption was 2.40 million metric tons.   -        When adjusted for changes in inventory in Chinese bonded warehouses, There was a 42,000 metric tons surplus in June compared with a 58,000 metric tons surplus in May, the ICSG said.        China's refined copper production in July rose by 14% from the year before to 1.27 million tons, data from the National Bureau of Statistics showed.   -        The July volume, however, was down 2.5% from a record monthly high of 1.3 million tons in June .   -        On a daily basis, average copper output stood at 40,968 tons, according to Reuters calculations based on the official data.        China's imports of copper rose 3.4 % from month ago to 480,000 tonnes in July, data from the General Administration of Customs showed.        Copper output in Chile, the world's largest producer of the metal, registered a slight increase of 0.3% year-on-year in July to 445,214 metric tons, statistics agency INE said.        Manufacturing production in the Chile was up 2.7% in the month on a yearly basis. The data slowed down considerably from a 12% increase the prior month and also missed expectations of economists polled by Reuters that anticipated a 3% increase.        Chilean copper miner Codelco will lower its 2025 production guidance after an accident at its flagship El Teniente mine knocked 33,000 metric tons off the facility's output, executives said.   -        El Teniente is now forecast to produce 316,000 tons this year, CEO Ruben Alvarado told a congressional hearing about the accident.        Copper production from Chilean state-run miner Codelco ticked up 17% year-over-year in June, data from copper commission Cochilco showed on, climbing to 120,200 metric tons.   -        Meanwhile production at BHP's Escondida mine, the world's largest copper mine, slid 33% to 76,400 tons.   -        At Collahuasi, another major copper mine jointly run by Glencore and Anglo American, output fell 29% to 34,300 tons.      Peru's copper production rose 7.1% year-on-year in June, thanks mostly to higher output from Chinese firms, the country's Energy and Mines Ministry said.   -        The world's third-largest copper producer said output in the month totaled 228,932 metric tons.   -        Production at the Las Bambas mines, controlled by MMG, rose 63.5% in June, while output more than doubled at Chinalco, which is ran by Aluminum Corp.   -        Las Bambas is expected to report lower production in July due to a two-week blockade  of a key road the company uses to transport copper, as part of a protest by informal miners.   -        Peru in the first six months of 2025 produced about 1.34 million tons of copper, up 3.5% year-on-year, according to the government.        Zambia's copper production in the first half of this year was about 439,644 metric tons, up from 373,263 tons in the same period last year, mines minister Paul Kabuswe said.        LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

In July, 3M LME copper prices traded within the range of $9,553.5 to $10,020.5. At the beginning of the month, strong manufacturing data from China surpassing both the critical 50-point expansion threshold and analyst expectations boosted global demand outlooks. This drove copper prices to $10,020.5 on July 2, marking the highest level since March 26. However, stronger-than-expected U.S. employment data in the following days raised expectations that the Federal Reserve might delay interest rate cuts, strengthening the U.S. dollar and placing downward pressure on copper prices. As a result, copper ended the first week of July with a 0.27% loss at $9,852. In the second week, prices climbed to $9,888.5 but soon declined following news that Chile’s copper exports had increased by 17.5% year over year in June, raising concerns over rising supply. In addition, former U.S. President Donald Trump’s announcement of a proposed 50% tariff on copper imports led to a sharp drop in investor sentiment. Consequently, LME copper prices fell by 1.92% to close the week at $9,663. Meanwhile, COMEX copper surged by 12% following the tariff announcement, hitting an all time high. COMEX copper inventories also reached their highest level since 2018. During the third week, stronger than expected economic data from both China and the U.S. supported expectations of increased Chinese copper purchases, driving prices higher. However, the upcoming implementation of a 50% import tariff scheduled for August 1 capped further gains. 3M LME copper ended the week up 1.36% at $9,794.5. In the fourth week of July, copper prices were supported by a weakening dollar and a statement from China’s Ministry of Industry pledging to stabilize the machinery, automotive, and electrical equipment sectors. Prices rose as high as $9,965. However, as the August 1 tariff deadline approached, investor caution led to widespread position-closing, erasing most gains. 3M LME copper ended the week with a marginal 0.02% gain at $9,796. In the final week of the month, optimism over resumed trade and economic talks between senior U.S. and Chinese officials pushed copper prices up to $9,856.5. But with investors continuing to unwind open positions ahead of the August 1 implementation of 50% metal import tariffs, prices declined to $9,571.5. A subsequent U.S. announcement exempting refined copper from the tariffs provided limited support, and copper finished the week down 1.66%, closing the month with a total loss of 2.74% at $9,607. MONTHLY REVIEW & INDUSTRY NEWS      The global refined copper market showed a 97,000 metric tons surplus in May, compared with a 80,000 metric tons deficit in April, the International Copper Study Group (ICSG) said in its latest monthly bulletin.   -        For the first 5 months of the year, the market was in a 272,000 metric tons surplus compared with a 273,000 metric tons surplus in the same period a year earlier, the ICSG said.   -        World refined copper output in May was 2.40 million metric tons, while consumption was 2.30 million metric tons.   -        When adjusted for changes in inventory in Chinese bonded warehouses, There was a 67,000 metric tons surplus in May compared with a 74,000 metric tons deficit in April, the ICSG said.        Peru's copper production decreased 4.6% year-on-year to 220,849 metric tons in May, the Energy and Mines Ministry said.        Kazakhstan's refined copper output in January-June 2025 jumped by 3.6% to 242,973 metric tons year-on-year, data from the statistics bureau showed.        Copper output from Chilean state-run miner Codelco rose 9% in the first half of 2025 compared to the same period a year before, Chairman Maximo Pacheco said.        Copper output in Chile, the world's largest producer of the metal, fell 6% year-on-year in June to 424,390 metric tons, statistics agency INE said.   -        Manufacturing production in the Andean nation was up 12% in the month on a yearly basis, the agency added. The data beat expectations of economists polled by Reuters that anticipated a 6.4% increase.        China's refined copper production in June climbed by 14.2% from the prior year to a record high of 1.3 million metric tons, data from the National Bureau of Statistics showed.   -        On a daily basis, average copper output stood at 43,333 metric tons, according to Reuters calculations based on the official data.        China's copper imports rebounded 8.7% in June, bucking a two-month fall, although imports to date this year are below last year's levels amid a global transfer of copper inventories to the United States.   -        Unwrought copper and copper product imports hit 464,000 metric tonnes in June, up from 427,000 in May and 438,000 in April, according to customs data released.        Chilean miner Antofagasta said, its copper production rose 11% to 314,900 metric tons in the first half of 2025, on higher production from its two concentrators.   -        The London-listed company left guidance for full-year copper output unchanged between 660,000 and 700,000 tons. In 2024, it produced 664,000 tons of copper.        Global miner Anglo American reported a 13% fall in copper production in the first half of the year to 342,200 metric tons, and a 26% fall in rough diamonds, as demand remains sluggish.   -        The London-listed miner still expects to mine 690,000-750,000 tons of copper this year, down from 773,000 in 2024. The metal is used in electrical wiring and its demand is expected to increase for electric vehicles and renewable infrastructure.        Goldman Sachs expects LME copper prices to fall modestly to a low of $9,550 per metric ton in August from $10,050/t previously, the bank said in a note.        LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

In June 2025, 3 M LME copper prices traded within the range of $9,511 to $9,917, reflecting a month marked by a complex interplay of global trade dynamics and geopolitical developments. The month began with prices at relatively subdued levels due to market pressures stemming from the global trade war initiated by U.S. President Trump. However, copper gained momentum as hopes for a potential trade agreement between the U.S. and China emerged. During the first week, copper prices rose supported by a weakening U.S. dollar, which typically makes dollar-denominated commodities more attractive. Despite renewed trade tensions between the U.S. and China and ongoing supply chain concerns limiting gains, copper ended the week up 1.83%, closing at $9,670.5. The second week started with optimism fueled by progress in U.S.-China trade talks and expectations of resolving the trade war, alongside continued dollar weakness. However, escalating uncertainty over trade tariffs and mounting tensions in the Middle East reversed these gains, causing copper to close the week down 0.24% at $9,647.5. In the third week, encouraging consumer spending data from China raised hopes for increased metal demand, driving prices higher. Nevertheless, airstrikes between Israel and Iran, regional instability, concerns about global economic growth, and a strengthening U.S. dollar weighed on prices. Copper gave back most of its gains, ending the week with a modest 0.13% increase at $9,660.5. In the final week, copper surged to a monthly peak of $9,917, supported by a weakening dollar and improved risk sentiment following a temporary ceasefire between Iran and Israel. Despite persistent worries about potential U.S. tariffs on copper imports, prices ended the week up 2.26% at $9,879. On the last trading day of June, copper traded in a narrow range as investors awaited clarity on U.S.-China trade negotiations and tariff implementations. Copper prices closed with a slight loss of 0.01% at $9,878 but finished the month with a strong 4.01% gain overall. Overall, June’s copper market was shaped by a balancing act between trade optimism and geopolitical risks. Moving forward, copper prices will likely remain sensitive to developments in trade relations, Middle East tensions, and currency fluctuations, which will continue to influence demand and price trends. MONTHLY REVIEW & INDUSTRY NEWS      The global refined copper market showed a 50,000 metric tons deficit in April, compared with a 12,000 metric tons surplus in March, the International Copper Study Group (ICSG) said in its latest monthly bulletin.   -        For the first 4 months of the year, the market was in a 233,000 metric tons surplus compared with a 236,000 metric tons surplus in the same period a year earlier, the ICSG said.   -        World refined copper output in April was 2.37 million metric tons , while consumption was 2.42 million metric tons.   -        When adjusted for changes in inventory in Chinese bonded warehouses, There was a 43,000 metric tons deficit in April compared with a 44,000 metric tons surplus in March, the ICSG said.        Copper output in Chile, the world's largest producer of the metal, rose 9.4% year-on-year in May to 486,574 metric tons, statistics agency INE said.   -        Manufacturing production in the Andean nation increased 2.9% in the month on a yearly basis, the agency added.        Kazakhstan's refined copper output in January-May 2025 declined by 1.4% year-on-year to 193,335 metric tons, data from the statistics bureau showed.        China's refined copper production in May climbed by 13.6% from the prior year to 1.25 million metric tons, data from the National Bureau of Statistics showed.        Copper output in Peru, the world's third-largest producer of the red metal, rose 7.91% year-on-year in April to 220,261 metric tons, the Energy and Mines Ministry said.   -        The April increase was mainly due to stronger output from Southern Copper, whose output was up 2.8% year-on-year, and MMG Ltd's Las Bambas, which surged 74.5%, the ministry said.   -        Peru's copper production is expected to rise slightly this year to around 2.8 million tons, Energy and Mines Minister Jorge Montero said in early June.        Goldman Sachs expects copper prices to rise in the second half of 2025 to an average of $9,890 per metric ton, the bank said in a note, citing fears of a global supply squeeze driven by U.S. tariffs and increased activity in China.        Commerzbank sees 2025 year-end copper price forecast at $9,500/ton.        Zijin Mining says Kamoa-Kakula copper mine to cut 2025 copper output guidance to 370,000–420,000 metric tons due to recent flooding incident.        LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

In May, 3M LME copper traded within the range of $9,125 to $9,664. At the beginning of the month, prices remained weak due to the pressure stemming from the global trade war that began during the Trump administration. However, signs of a possible trade agreement between the U.S. and China supported an upward trend in copper prices. Concerns over supply disruptions at some mines further reinforced this bullish momentum. Additionally, a weakening U.S. dollar and improving sentiment regarding global trade tensions contributed to the rally. As a result, copper ended the month with a 4.07% gain, closing at $9,497. Copper prices began May with losses, driven by a strengthening U.S. dollar despite expectations that tensions between the U.S. and China would ease. The market ended the first week of the month nearly flat, posting a slight weekly loss of 0.04% to close at $9,356. After a weak start to the month, copper prices rebounded in the second week. Optimism around the possibility of the first trade agreement following the global trade war initiated by Trump boosted risk appetite. As a result, 3M LME copper closed the week with a 0.89% gain at $9,439. During the third week of May, copper prices climbed to the month's highest level of $9,664, supported by optimism surrounding a tariff truce between China and the United States. However, concerns over long-term demand for the metal weighed on prices, causing a retreat to $9,430. Copper ended the week with a marginal gain of 0.01%, closing at $9,440. In the fourth week, prices retreated from their monthly peak seen the previous week due to lingering uncertainty over global economic growth and weaker demand expectations for copper following the trade war. Nonetheless, losses were offset by a weakening dollar and renewed supply concerns stemming from seismic activity at the massive Kamoa-Kakula copper mine in the Democratic Republic of Congo. Copper ended the week with a 1.84% gain, closing at $9,614. Production was temporarily halted at the Kamoa-Kakula mine that Africa's largest and one of the world’s most significant copper mines due to seismic activity. In the final week of May, copper found support after a U.S. federal court challenged Trump’s decision to impose import tariffs. However, the court's later reversal of that stance, combined with a strengthening dollar toward month-end, put pressure on prices. Consequently, 3M LME copper finished the last week of May with a 1.22% loss at $9,497. MONTHLY REVIEW & INDUSTRY NEWS   The global refined copper market showed a 17,000 metric tons surplus in March, compared with a 180,000 metric tons surplus in February, the International Copper Study Group (ICSG) said in its latest monthly bulletin.   -        For the first 3 months of the year, the market was in a 289,000 metric tons surplus compared with a 268,000 metric tons surplus in the same period a year earlier, the ICSG said.   -        World refined copper output in March was 2.43 million metric tons , while consumption was 2.41 million metric tons.   -        When adjusted for changes in inventory in Chinese bonded warehouses, There was a 38,000 metric tons surplus in March compared with a 195,000 metric tons surplus in February, the ICSG said.     Copper production from Chilean state-run miner Codelco ticked up nearly 21% year-over-year in April, data from copper commission Cochilco showed on Tuesday, climbing to 114,600 metric tons.   -        Meanwhile production at BHP's Escondida mine, the world's largest copper mine, leaped some 31% to 128,400 tons.   -        At Collahuasi, another major copper mine jointly run by Glencore and Anglo American, output slid 13.5% to 36,600 tons.     Copper output in Chile, the world's largest producer of the metal, rose 13.5% year-on-year in April to 463,639 metric tons, statistics agency INE said.   -        Manufacturing production in the Chile stood flat in the month on a yearly basis, the agency added.     Chile, the world's largest copper producer, exported up 4.4% from a year earlier, the central bank said.     Chile's economic activity rose 2.5% in April compared with the same month last year, central bank data showed on Monday, notching its tenth consecutive increase on a yearly basis supported by higher copper output.   -        Chile posted across-the-board year-on-year growth in the period, the central bank said, with the key mining sector registering the main jump as it grew 10.7%.     China's export growth slowed to a three-month low in May as U.S. tariffs hit shipments, while its copper imports of unwrought copper and copper products fell 16.9% year on year and 2.5% month on month to 427,000 tons in May.     China's imports of copper fell 2.5 % from month ago to 427,000 tonnes in May, data from the General Administration of Customs showed.     Ivanhoe Mines said is suspended its output forecast for this year after seismic activities at its Kamoa-Kakula copper mine in the Democratic Republic of Congo halted underground mining operations.     LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

3M LME copper traded between $8105-$9794 in April. LME copper, which began April 2025 with concerns about global trade wars, fell from $9794 on concerns about Trump’s threat to impose tariffs on semiconductor metals. Copper prices tested the lowest level since November 13, 2023 at $8105 on Monday, April 7, 2025, as investors feared a recession due to China’s retaliation against the US after Trump’s tough stance on tariffs. 3M LME copper closed April at $9125.5, down 5.83%.   Copper prices experienced losses in the first week of April following Trump's tax announcements as investors worried that new sweeping tariffs in the US would slow global growth and hurt industrial demand for metals. As a result, they tested the lowest level since March 13, 2024 at $8644 on Friday, April 4, 2025. Copper prices finished the week down 11.18% at $8690 following Trump's sweeping tariff announcement. Copper prices started the second week of April with losses. Copper prices tested the lowest level since 13.11.2023 at $8105 on Monday, 07.04.2025, as investors were driven to automatic stops after Trump’s tough stance on tariffs and China’s retaliation against the US escalated concerns about the global trade war, raising fears of a recession. Copper prices closed the week at $9184, up 5.68% towards the end of the week, supported by a weaker dollar and improved market sentiment following Trump’s recent decision to temporarily halt heavy tariffs imposed on some countries, as well as increased risk appetite.   London copper prices tried to recover from the major losses in the first week of April in the third week of April. Copper prices fell to $9028.5 this week as trade tensions between the US and China increased and were overshadowed by positive data from China. Copper prices rose to $9279.5 towards the end of the week, supported by the market sentiment that investors expected some kind of agreement in the trade war, and closed the third week of April with a 0.76% gain at $9254. Copper prices, which have been suppressed by the tensions of the trade wars, managed to move at a gain for three consecutive weeks in the fourth week of April. Copper prices fell to $9252.5 as Trump's increasing criticism of the Fed Chairman shook investors' confidence in the US economy. After their losses, copper prices rose to $9481.5 as Trump said import tariffs on major consumer China could be reduced, easing concerns about the trade wars, and finished the week at $9360 with a 1.15% gain. Copper prices rose to $9480 in the last week of April on expectations of an easing of trade tensions between the US and China, but gave up their gains as the dollar strengthened, falling to $9088.5 and finished the week that ended April but began May almost flat at $9356, down 0.04%. MONTHLY REVIEW & INDUSTRY NEWS   Copper production from Chilean state-run miner Codelco ticked up nearly 15% year-over-year in March, data from copper commission Cochilco showed, climbing to 123,200 metric tons.   -        Meanwhile production at BHP's Escondida mine, the world's largest copper mine, leaped almost 19%, climbing to 120,600 tons.   -        At Collahuasi, another major copper mine jointly run by Glencore and Anglo American, output slid 29% to 35,200 tons.     Kazakhstan's refined copper output in January-April 2025 declined by 0.7% year-on-year, data from the statistics bureau showed.     China's imports of unwrought copper and copper products in April were unchanged year-on-year at 438,000 metric tons, data from the General Administration of Customs showed.   -        For the first four months of 2025, copper imports were down 3.9% at 1.74 million tons, the data showed.     China’s refined copper exports continued to climb, soaring over 200% year-on-year in April to approximately 77,700 tonnes, with nearly half destined for the US. Over the first four months of the year, China shipped a record 48,500 tonnes of refined copper to the US, underscoring a broader trend of physical metal being redirected to the US market from around the world.     Zambia's copper production was up about 30% on the previous year in the first quarter of 2025, reaching roughly 224,000 metric tons from around 173,000 metric tons in the first quarter of 2024, Mines Minister Paul Kabuswe said.   -        Kabuswe said in a statement that higher production by two big companies, Konkola Copper Mines and Mopani Copper Mines, contributed to the increased overall output.     Copper output from Chile's state-run Codelco rose 22% in April compared to the same period a year before, Chairman Maximo Pacheco said.   -        He added that he is optimistic on securing the approval of China regulators for a joint venture with lithium producer SQM, and that the Codelco board will select a partner for the Maricunga lithium project within the coming weeks or months, after receiving binding offers from global companies in March.     Refined copper exports from Chile - the world’s largest exporter - surged in March for the first time in five months, rising over 30% year-on-year to around 160,000 tonnes.     Goldman Sachs hiked its quarterly copper price forecast, citing de-escalation in trade tensions  and resilient Chinese copper demand that will likely continue to support prices in the coming months.   -        "We upgrade our 2Q/3Q price forecast to $9,330/$9,150/t from $8,620/$8,370 previously," the bank said in a note.     JP Morgan projected that copper prices will average $9,225 a metric ton in the second half of this year.     Trading house Mercuria forecasts a copper concentrate deficit this year of 700,000 metric tons and a 300,000-ton deficit for refined metal that could push prices to record highs, its head of metals and mining research said.   -        Nicholas Snowdon, a high-profile copper bull at Geneva-based Mercuria, said he expects record prices for the metal sooner than later.     LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

3M LME copper traded between $9,327 and $10,164.5 in March. 3M LME copper fell to $9,327 in early March after the US imposed tariffs on Canada, Mexico and China. Copper prices tested the highest level since June 7 at $10,164.5 on Wednesday, March 26, 2025, supported by investors waiting for more stimulus plans with the Chinese Congress held from 5-11/03, traders expecting the US to impose tariffs on copper and US importers aggressively stockpiling copper. 3M LME copper ended March with a 3.51% gain to $9,690.   Copper prices fell to $9,327 in the first week of March, under pressure from the US tariffs on Canada, Mexico and China. However, 3M LME copper rose to $9,739, its highest level since November 5, supported by the weakening dollar and investors waiting for more stimulus plans as the Chinese Congress began, and ended the week with a 2.57% gain to $9,602. 3M LME copper remained under pressure at the start of the week, falling to $9,455.5 as the U.S. assesses uncertainties surrounding tariff policies in the second week of March. However, the weak dollar, the reduction in existing stocks in the LME system and signs of improving demand in leading metals consumer China led to a rally to $9,850, the highest level since Oct. 9, and ended the week up 1.99% at $9,793.   Copper prices tested the highest level since October 3 at $10,046.5 in the third week of March as traders awaited possible tariffs on copper by the US. Potential tariffs have US importers aggressively stockpiling copper, making Comex copper $1,250 per tonne more expensive than LME copper. Major commodity traders such as Trafigura, Glencore and Gunvor have started to divert copper destined for Asia to the US. Copper prices also held up after a media report that China plans to expand its strategic industrial metal reserves, but gave back some of its gains as the dollar strengthened, finishing the week at $9,852, up 0.60%.   3M LME copper continued its upward trend throughout March and nearly held onto its gains in the last week of April. Copper prices rose sharply after Trump threatened to impose tariffs on industrial metal imports. Copper prices tested the highest level since June 7, 2024 at $10,164.5 on Wednesday, March 26, 2025, as US importers continued to aggressively stockpile copper. Copper prices gave up gains after Trump announced a 25% tariff on automotive imports and investors closed positions at high levels, closing the week down 0.70% to $9,783.5.   Copper prices in London edged lower on March 31, ending March at $9,690 as investors awaited details of Trump's tariff announcement. MONTHLY REVIEW & INDUSTRY NEWS   The copper market should see a surplus of 289,000 tonnes this year and a surplus of 209,000 tonnes in 2026, the International Copper Study Group (ICSG) said.     China's refined copper production in March was up 8.6% from the previous year at 1.25 million metric tons, data from the country's National Bureau of Statistics showed.     China's imports of unwrought copper and copper products in March declined 1.4% year-on-year to 467,000 metric tons, data from the General Administration of Customs showed.   -        For the first three months in 2025, copper imports were down 5.2% at 1.37 million tons, the data showed.     Kazakhstan's refined copper output in January-March 2025 jumped by 2.9% year-on-year, data from the statistics bureau showed.     Copper output in Chile, the world's largest producer of the metal, fell 5.4% year-on-year in February to 397,396 metric tons, statistics agency INE said.   -        Manufacturing production in the Andean nation was down 1.3% in the month on a yearly basis, the agency added.     Copper output in Peru, the world's third-largest producer of the red metal, was virtually flat in February from the same month a year ago, data from the nation's energy and mines ministry showed.   -        Output landed at 216,955 metric tons, up just 0.01% from the year-ago month, according to the ministry.     Peru's copper output is expected to grow between 2% and 4% this year, said the head of the country's mining chamber, Julia Torreblanca.   -        That would put Peru's copper production between 2.79 million and 2.85 million metric tons, compared to 2.74 million tons last year . Torreblanca said.   -        Reuters that the outlook appeared favorable, and that the government was working to streamline the mining permitting process.     Copper production from Chilean state-run miner Codelco dipped 6% year-over-year in February, data from copper commission Cochilco showed, slipping to 98,100 metric tons.     Global miner Anglo American on Thursday reported a 15% fall in its copper production for the first quarter of the year but left full-year guidance unchanged.   - The London-listed miner said copper production fell to 169,000 metric tons in the first three months of the year, citing lower production at its operations in Chile.   -        It expects 2025 copper production to be between 690,000 and 750,000 tons.     Peruvian copper mine Antamina on Tuesday launched a full security shutdown after an operations manager was killed and another high-ranking employee was injured in an incident at a mining camp.   -        Antamina said in a statement it was investigating the cause of the accident.     Pan Pacific Copper (PPC) plans to consign 303,600 metric tons of refined copper production in the first half of the 2025/26 financial year, nearly unchanged from a year earlier, Japan's biggest supplier of the metal said.     Japanese copper smelter Mitsubishi Materials plans to produce 213,540 metric tons of refined copper in the first half of the 2025/26 financial year, it said, nearly unchanged from the same period a year earlier.     Japanese copper smelter Sumitomo Metal Mining said it plans to produce 433,000 metric tons of refined copper in the 2025/26 financial year, which began this month, down 2.6% from a year earlier.     LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

3M LME copper traded between $8914.5 and $9684.5 in February. 3M LME copper fell to $8914.5 in China on Thursday, February 6, 2025, as Trump’s 10% tariff on imports from major metals consumer China increased trade war concerns and created uncertainty in the markets.Copper prices rose to $9684.5, the highest level since November 8, 2024, and closed February at a 3.28% premium to $9361, supported by a media report that Chinese authorities are exploring plans to help major real estate firm Vanke close its financing gap and the expectation that US President Donald Trump’s plans for bilateral global tariffs will not come into effect before April.   Copper prices fell to $8914.5 at the beginning of the first week of February as Trump’s 10% tariff on imports from China increased trade war concerns and created uncertainty in the markets.3M LME copper extended gains throughout the week, rising to $9507, and closing the week at $9440, up 4.15% on news of additional tariffs on the US by China amid the tariff dispute with the US and ongoing concerns about demand in the world’s second-largest economy, and focus on whether China will announce more stimulus measures to boost its economy. 3M LME Copper prices rose to $9684.5, the highest since November 8, in the second week of February, supported by a media report that Chinese authorities are exploring plans to help major real estate company Vanke close its financing gap and the expectation that US President Donald Trump’s plans for bilateral global tariffs will not come into effect until April. Copper spreads moved sharply after news that the US will not implement tariffs on China until April, sending the market, which has been in contango for 19 months, into backwardation on February 14, 2025. LME copper ended the week up 0.26% at $9465. The cash settlement price on Friday, February 14, 2025, was announced as $9812. The cash settlement price for 3M LME copper on the same day was announced as $9665. Copper prices fell to $9361 in the third week of February after Trump's threat to impose 25% tariffs on autos and semiconductor chips raised concerns about demand for the metal. But they rose to $9575, supported by Trump's signaling he was close to reaching a new trade deal with top consumer China, and ended the week up 0.53% at $9515.5. 3M LME copper traded between $9324 and $9555 in the last week of February. Copper prices fell to $9324 after Trump ordered an investigation into possible new tariffs on copper imports aimed at boosting U.S. copper production. The week ended down 1.62% at $9361, under pressure due to uncertainty over Trump’s tariff plans and a stronger dollar. MONTHLY REVIEW & INDUSTRY NEWS   The global refined copper market showed a 19,000 metric tons deficit in January, compared with a 22,000 metric tons deficit in December, the International Copper Study Group (ICSG) said in its latest monthly bulletin.     World refined copper output in January was 2.38 million metric tons , while consumption was 2.40 million metric tons.     When adjusted for changes in inventory in Chinese bonded warehouses, There was a 17,000 metric tons deficit in January compared with a 51,000 metric tons deficit in December, the ICSG said.     Copper output in Peru, the world's third-largest producer of the red metal, ticked up nearly 7% in January, the government said.     Production climbed to 216,650 metric tons, largely due to higher output from MMG Ltd's, Las Bambas mine and Anglo American's Quellaveco mine, the nation's energy and mines ministry said in its monthly report.     Copper output in Chile, the world's largest producer of the red metal, fell 2.1% year-on-year in January to 426,889 metric tons, statistics agency INE said.   -        Manufacturing production in the Andean nation was up 3.5% in the month on a yearly basis, the agency added, roughly in line with the 3.6% growth expected by economists in a Reuters poll.     China's imports of unwrought copper and copper products in January and February declined 7.2% year-on-year to 837,000 metric tons, data from the General Administration of Customs showed.     Mercuria estimates that about 500,000 tons of copper are heading to the U.S., against normal monthly imports of around 70,000 tons, triggered by the potential imposition of tariffs, Bloomberg said in a report.     Citi expects ex-U.S. copper pricing to fall to $8,500 per metric ton (mt) in the second quarter of this year as investors unwind copper positions due to tariff  headwinds, it said in a note.     JP Morgan expects the global deficit in refined copper  to grow to 160,000 metric tons in 2026 and continues to forecast copper prices averaging around $11,000 per metric ton next year, the bank said in a note.   -        However, the bank predicted only a modest deceleration in global copper demand growth from 3.2% in 2024 to 2.9% in 2025.     Japan's copper cable shipments, including sales and exports, fell 2.3% in January from a year earlier to 46,900 metric tons, the Japanese Electric Wire and Cable Makers' Association said.     LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

3M LME copper traded between $8766 and $9355.5 in January. 3M LME copper fell to $8766 on Thursday, January 2, 2025, as demand weakened after the manufacturing purchasing managers index fell to 50.1 in December, below expectations of 50.3, according to data released in early January in China, and the data showed that the manufacturing sector in China grew for the third consecutive month in December, but the pace of growth slowed. Copper prices, which rose to $9355.5 on Friday, January 24, 2025, capped gains as investors sought clarity on U.S. President Donald Trump’s tariffs and policy plans, closing January at a 3.22% gained to $9064.   Copper prices fell in the first week of January as investor activity weakened due to the Christmas holidays. They fell after factory activity data from China missed expectations. 3M LME Copper recovered some of its losses towards the end of the week on expectations that China will pursue more proactive policies to stimulate growth, but ended the week lower. 3M LME copper ended the first week of January down 0.98% at $8,893.5. 3M LME copper traded between $8851 and $9145 in the second week of January. It rose to $9145 after news that US President-elect Donald Trump was considering tariffs that would only be applied to critical imports. Copper, which gave back some of its gains after the US employment data on Friday, closed the second week of January with a 2.02% gain at $9073.5.   Copper prices, although the range was narrow and traded between $9063.5 and $9290 in the third week of January due to expectations of further interest rate cuts in the US and uncertainty over possible tariffs by US President-elect Donald Trump, it rose to $9290 after strong data from China. 3M LME copper ended the week up 1.19% at $9181.5. It fell to $9142 as Trump's policy plans were unclear in the fourth week of January. 3M LME copper traded between $9142 and $9355.5 in the week. However, it gained support from the weakening dollar and rose to $9355.5, capping gains as President Trump sought clarity on tariffs and policy plans, before closing at $9269, up 0.95%. Copper prices traded between $8957 and $9267 in the last week of January. Copper prices rose to $9267, supported by purchases at low levels, but fell to $8957 due to weak demand from China and news that Trump will impose tariffs on aluminum and copper, which the US needs to produce military hardware, and closed the week with a 2.21% loss at $9064. MONTHLY REVIEW & INDUSTRY NEWS   The global refined copper market showed a 22,000 metric tons deficit in December, compared with a 124,000 metric tons deficit in November, the International Copper Study Group (ICSG) said in its latest monthly bulletin.   -        For the first 12 months of the year, the market was in a 301,000 metric tons surplus compared with a 52,000 metric tons deficit in the same period a year earlier, ICSG said.   -        When adjusted for changes in inventory in Chinese bonded warehouses, There was a 51,000 metric tons deficit in December compared with a 127,000 metric tons deficit in November, the ICSG said.     World refined copper output in December was 2.37 million metric tons , while consumption was 2.39 million metric tons.     Peru's mining ministry said copper output in 2024 amounted to 2,736,150 metric tons, down 0.7% from 2023. The drop marked the copper giant's first decline after four straight years of recovery following the pandemic.   -        Industry sources had predicted Peru's copper output would remain stable at around 2.8 million tonnes in both 2024 and 2025, due to declining ore grades and a lack of new projects.     Chilean state miner Codelco, the world's largest copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.     Copper output from Chile, the world's top producer of the metal, rose 4.9% to reach 5.5 million metric tons last year, according to data from copper commission Cochilco released.     Zambia's copper output rose 12% in 2024, buoyed by a recovery in production at key mines as the government counts on the sector to drive economic growth.   -        Output reached roughly 820,670 metric tons, up from 732,580 tons the year before, Mines Minister Paul Kabuswe said.     Kazakhstan's refined copper output in January 2025 jumped by 0.1% year-on-year, data from the statistics bureau showed.     Japan's copper cable shipments, including sales and exports, fell 2.3% in January from a year earlier to 46,900 metric tons, the Japanese Electric Wire and Cable Makers' Association said.     Global miner Anglo American posted a 6% fall in copper production last year to 773,000 metric tons, and reduced its output forecast for rough diamonds for 2025 and 2026 on lower demand. The London-listed miner expects 2025 copper production of 690,000-750,000 tons.     Top copper mine Las Bambas, controlled by miner MMG in Peru, expects to produce some 400,000 metric tons of the red metal in 2025, the Andean nation's energy and mines ministry said.   Cash copper price forecast and market balance forecast data of financial institutions participating in the Reuters survey;   LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

In December, 3M LME copper traded between $8757 and $9314. It rose to $9314 on Wednesday, December 11, 2024, on expectations that China would ease its monetary policy to stimulate economic growth. Copper prices have been on a downward trend throughout December as concerns about the US and Chinese economies stemmed from the new policies to be pursued by Donald Trump, who was elected US President in November. After the Chinese manufacturing purchasing managers index fell to 50.1 in December, below expectations of 50.3, LME copper fell to $8757 on the last day of the month on concerns that copper demand would decrease, and closed December with a 2.59% loss at $8781.5.   Copper prices rose in early December due to signs of increased optimism following the positive PMI data from China, but fell to $8904 as the strengthening US dollar and uncertainty about possible US tariffs affected the market. Copper prices rose to $9178.5 as investors awaited further signs of stimulus measures from leading consumer China, and closed the first week of December with a 0.86% gain at $9092.5. 3M LME copper tested the highest level since November 12 at $9,314, supported by major consumer China's announcement that it will ease monetary policy and adopt a proactive fiscal policy to support growth in 2025. The second week of December ended down 0.40% at $9,056.5, under pressure from uncertainty about the size of the economic stimulus promised at China's key policy meeting and expectations of oversupply in the global copper market in 2025.   Copper prices tested the lowest level since August 12 at $8859.5, under pressure from the dollar reaching a nearly two-year peak after the Fed announced it would cut interest rates at a slower pace in 2025. Although supported by positive economic indicators from the US as the week ended, it finished the third week of December down 1.24% at $8944.   Copper prices started the fourth week of December with losses as pre-Christmas volumes remained low and the dollar strengthened, but were supported by hopes of additional fiscal stimulus in China, the largest consumer. The London Metal Exchange remained closed for the Christmas holiday on 25-26/12. 3M LME Copper prices moved in narrow ranges as a strong dollar limited gains and investors avoided trading during the Christmas period, but found support from tight copper supplies and ended the week up 0.42% at $8981.5.   3M LME copper began the last week of December with losses as trading volumes were low due to the January 1 New Year holiday and ahead of economic data from China, the world's largest consumer of the commodity. Copper prices ended December down 2.59% at $8781.5. 3M LME copper traded between $8,127 and $11,104.5 in 2024. Demand slowing ahead of the Chinese New Year holiday weighed on the price. LME copper extended losses on Friday, February 9, 2024, falling to $8,127, despite reports that China is supporting its economy with financial measures. Copper prices began to rise after Russian metals were restricted on March 13 and later. The meeting in Beijing came after 19 Chinese smelters were hit by unexpected copper concentrate supply shortages that were affecting smelters’ profit margins. Antaike said copper companies agreed to accelerate the purchase and use of domestic scrap copper to increase raw material supply. This supply shortage has added to the gains in copper prices. In addition, the Central Bank of China has provided additional financing of $138 billion to support construction companies and the real estate sector, which have been in crisis since 2021, while easing the conditions for obtaining housing loans, and with the support of local governments' statements that they will purchase houses and good Chinese industrial data, it tested its all-time high of $11104.5 on Monday, May 20, 2024, and completed 2024 with a 2.56% gain at $8781.5. MONTHLY REVIEW & INDUSTRY NEWS   Copper output in Peru dipped in November as production from the Antamina mine slid, according to data from the Andean nation's energy and mines ministry published.   -        Peru is the world's third-largest miner of the key industrial metal.   -        Overall, national copper production fell 4.6% in November compared to the year-ago month to settle at 241,883 metric tons, a report from the ministry showed. That brought output last year through November to 2.47 million tons, slipping 1.1% compared to the same period in 2023.   -        The November output was hit by a drop in production at the Antamina mine, jointly operated by Glencore, BHP, Teck and Mitsubishi, which fell 31%.   -        Copper production, among Peru's most important economic drivers, is expected to hold steady  in 2024 and 2025 at around 2.8 million tons, according to industry experts. Production growth is seen hampered by aging mines affecting ore grades, as well as a lack of new projects coming online.     China's refined copper production in December was up 4.3% from the previous year at 1.24 million metric tons, data from the country's National Bureau of Statistics showed.   -        On a daily basis, average refined copper output stood at 40,000 tons, according to Reuters calculations based on the official data.     Kazakhstan's 2024 refined copper output jumped 14.1% year on year, data from the statistics bureau showed.     Chile, the world's No. 1 copper producer, will boost its output of the red metal to 5.54 million metric tons in 2034, representing a 5.6% increase from 2023, state-run copper commission Cochilco said.   -        The Latin American nation produced 23.6% of the world's copper in 2024, Cochilco said. That should only increase, with Chile's hold over the industry representing a 27.3% share by 2034, it added.     Codelco pushed hard to lift its copper production from a 25-year-low at the end of 2024, but union workers and analysts question whether its tactics are sustainable as it targets annual output of 1.7 million metric tons by the end of the decade.     Codelco's production reached 1.328 million tons  in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023, an internal document seen by Reuters showed.     Top copper mine Las Bambas, controlled by miner MMG in Peru, expects to produce some 400,000 metric tons of the red metal in 2025, the Andean nation's energy and mines ministry said.     Zambia's copper output rose 12% in 2024, buoyed by a recovery in production at key mines as the government counts on the sector to drive economic growth.   -        Output reached roughly 820,670 metric tons, up from 732,580 tons the year before, Mines Minister Paul Kabuswe said.     Antofagasta on last reported a modest 1% rise in its 2024 copper production to 664,000 metric tons, below its guidance, as higher production at its flagship projects was offset by lower grades.   -        The company had previously guided to a range of 670-710,000 tons versus 660,600 tons in 2023.   -        The Chilean miner, which operates four copper mines in Chile, left its 2025 output outlook unchanged at between 660,000 and 700,000 tons, as only an incremental production increase was expected at its Centinela site.   LME stock and price chart are provided below for your information: DISCLAIMER: This material has been prepared by ER-BAKIR for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The material is based on information obtained from sources believed to be reliable. However, ER-BAKIR makes no guarantee of its accuracy and completeness of factual or analytical data and is not responsible for errors of transmission or reception, nor shall ER-BAKIR be liable for damages arising out of any person’s reliance upon this information.

3M LME copper traded between $8867-$9782 in November. Copper prices tested their lowest level since 12.08.2024 at $8867 on November 14, under pressure from demand concerns due to possible tariffs from the US and the lack of aggressive incentives from China. After the losses, copper prices recovered some of their losses and rose to $9782, with the effect of the halt in the rise in the US dollar and the effect of the purchases coming from low levels, and closed November with a 5.57% loss at $9015. Copper prices rose to $9782 at the beginning of the first week of November, supported by investors waiting for more stimulus statements from major consumer China, the US presidential election and a weaker dollar, but fell to $9302 due to pressure from the rising dollar after Donald Trump won the US presidency, as well as concerns about Trump’s stance on trade with China. Copper prices, which recovered some of their losses due to buying at lower levels, finished the week down 1.11% at $9433. Monthly Changes 3M LME copper tested its lowest level since 12.08.2024 at $8867 and finished the second week of November down 4.90% at $8971, after the dollar strengthened amid growing concerns about future US trade policies under President-elect Donald Trump and stimulus measures announced in major consumer China fell short of expectations. Copper prices rebounded early in the third week of November as the dollar weakened, but limited gains amid uncertainty over possible U.S. tariffs and China's stimulus measures. Later in the week, they gave back their gains under pressure from a stronger dollar and risk-averse sentiment due to the escalating conflict in the Ukraine-Russia war, and ended the week up 0.02% at $8972.5. 3M LME copper fell to $8950 as concerns about possible U.S. tariffs on Chinese goods weighed on metal consumption. Copper prices rose to $9092.5, supported by losses in the dollar, and closed the last week of November at $9015, up 0.47%. MONTHLY REVIEW & INDUSTRY NEWS The global refined copper market showed a 41,000 metric tons deficit in October, compared with a 136,000 metric tons deficit in September, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 10 months of the year, the market was in a 287,000 metric tons surplus compared with a 9,000 metric tons surplus in the same period a year earlier, the ICSG said. World refined copper output in October was 2.30 million metric tons , while consumption was 2.34 million metric tons. When adjusted for changes in inventory in Chinese bonded warehouses, There was a 43,000 metric tons deficit in October compared with a 156,000 metric tons deficit in September, the ICSG said. China's refined copper production in November fell 1.6% from the prior year to 1.13 million metric tons, data from the country's National Bureau of Statistics showed. China's imports of unwrought copper and copper products in November declined 4.1% year- on-year to 528,000 metric tons, data from the General Administration of Customs showed. For the first 11 months of the year, copper imports were up 1.7% at 5.13 million tons, the data showed. Chile's state-run copper giant Codelco produced 125,500 metric tons of the metal in November, up 18% year-on-year, but still fell behind its target for the month, an internal document obtained by Reuters showed. Copper production from Chile's state-run miner Codelco, the world's largest producer of the metal, totaled 127,900 metric tons in October, data from copper commission Cochilco showed. Copper production in Chile, the world's largest copper producer, is projected to range between 5.4 and 5.6 million tons in 2025, the National Mining Association (Sonami) said. Peru's copper production in October fell 1.4% compared to the same month last year due to less output of the key industrial metal from two of the country's largest mines, official data showed. - October copper production totaled 236,797 metric tons. LME stock and price chart are provided below for your information:

3M LME copper traded between $9435.5 and $10120 in October. Copper prices tested the highest level since June 7 at $10158 on October 3, due to rising demand expectations following the escalating conflicts in the Middle East and the announcement of stimulus measures by leading metals consumer China. Copper prices, which fell in the middle of the month after rising at the beginning of the month, fell to $9435.5 on October 17 due to uncertainty about the economic recovery of the largest consumer after the stimulus plans announced in China did not meet expectations and the pressure of the strengthening US dollar, and closed October with a 3.22% loss at $9547. In the first week of October, copper prices tested the highest level since June 7 at $10,158, due to rising demand expectations following escalating conflicts in the Middle East and a series of stimulus measures by leading metal consumer China. They gave back their gains and finished the week at $9,956, down 0.18%, due to low trading volume as markets in China remained closed for a one-week public holiday, as well as the impact of profit taking from high levels. 3M LME copper remained under pressure early in the second week of October due to a stronger dollar, but limited losses on optimism that demand in the country will pick up ahead of a briefing on China’s policies to support economic growth. LME copper, which limited losses on hopes that China will announce a fiscal stimulus package to boost demand for the metal, ended the week down 1.54% at $9803, as recent price gains weighed on physical demand. Monthly Changes Copper prices came under pressure early in the third week of October on a stronger dollar, but limited losses on optimism that demand in top consumer China will pick up ahead of a briefing on the country’s policies to support economic growth. LME copper, which limited losses on hopes that China will announce a fiscal stimulus package to boost demand for the metal, ended the week down 1.54% at $9803 as a recent rally weighed on physical demand. 3M LME copper rose to $9758 at the start of the fourth week of October on expectations that. interest rate cuts in China would ease property woes and strengthen copper demand. However, it gave back its gains and finished the week down 0.61% at $9563.5, under pressure from a rising dollar after Trump’s chances of winning the US presidential election revived. 3M LME copper fell to $9488 in the last week of October as expectations of a Trump presidential election grew. But it recouped some of its losses and ended the week down 0.26% at $9539 after a report from leading metals consumer China revived hopes it would announce a major fiscal stimulus package. MONTHLY REVIEW & INDUSTRY NEWS The global refined copper market showed a 131,000 metric tons deficit in September, compared with a 43,000 metric tons surplus in August, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 9 months of the year, the market was in a 359,000 metric tons surplus compared with a 42,000 metric tons surplus in the same period a year earlier, the ICSG said. World refined copper output in September was 2.22 million metric tons , while consumption was 2.35 million metric tons. When adjusted for changes in inventory in Chinese bonded warehouses, There was a 149,000 metric tons deficit in September compared with a 34,000 metric tons surplus in August, the ICSG said. Peru's copper production fell 1.2% in September compared to the same month last year to settle at 232,423 metric tons, data from the ministry of energy and mines showed. China's refined copper production in October fell 1.3% from the prior year to 1.12 million metric tons, data from the country's National Bureau of Statistics showed. China produced 10.04 million tons of refined copper in the first nine months this year, up 5.4% from the same period a year earlier, the statistics bureau's data showed. For the first ten months of 2024, China copper imports were up 2.4% at 4.6 million tons, the data showed. Chile's state-run copper giant saw production rise 5.2.% year-on-year in September for a total of 123,100 metric tons, the country's copper commission Cochilco said. Production at BHP's Escondida mine, the world's largest copper mine, dropped 5.4% to 101,500 tons while Collahuasi, another major copper mine jointly run by Glencore and Anglo American, jumped 14% to 51,400. Chile's state-owned mining company Codelco reported 918,000 metric tons of its own copper output from January through September, down 4.9% compared to the same nine month period last year, a filing to the country's financial regulator showed. Manufacturing production in Chile was down 1.1% in September from a year earlier, the country's INE statistics agency said. Copper output in the Chile, the world's largest producer of the red metal, increased 4.2% year-on-year in the month to 478,035 metric tons, the agency added. Cash copper price forecast and market balance forecast data of financial institutions participating in the Reuters survey; LME stock and price chart are provided below for your information:

3M LME copper traded in September between $8,890-$10,158. Recent economic data, especially the manufacturing PMI released in China, indicated that the economy was still weak. Investors expected the Chinese government to take new steps to support the economy. It fell to $8,890 on Wednesday, September 4, 2024, under pressure from the steps to support the economy that did not come after the PMI data was released. Towards the end of the month, it tested the highest level since June 7 at $10,158, as demand expectations increased following a series of incentive measures from leading metal consumer China, and completed September with a 6.63% gain at $9,865. Monthly Changes Copper prices tested the lowest level since August 12 at $8,890 on Wednesday, September 4, 2024, due to the impact of weak production data from China, the strong dollar and demand concerns. LME copper recovered some of its losses ahead of the US nonfarm payrolls data due to the effect of the upcoming US elections and the cautious attitude around possible economic policies that could affect demand for commodities, but finished the 36th week down 3.22% at $8954. 3M LME copper traded between $8,941 and $9,327 for a 37th week. It rose ahead of US inflation figures due on Wednesday, September 11, 2024. It finished the week at $9,257, up 3.38% on Friday following US consumer inflation data, as stimulus hopes rose in leading metals consumer China following efforts by Chinese President Xi Jinping to help the country meet its annual economic targets. Following the Fed’s long awaited rate cut, LME copper rose to a two month high at $9,599.5. All LME metals were positive for the 38th week. While a renewed rally in the dollar limited copper’s gains, optimism about more stimulus from China kept copper above $9,450. Copper prices traded between $9,381.5-$10,095 for the 39th week. Copper prices rose to $10,095 with the support of China's largest financial support program since the pandemic and the decline In the dollar, and finished the week with a 5.14% gain at $9,973.5. 3M LME copper tested the highest level since June 7 at $10,158 on the last day of September, then ended the month at $9865 due to profit taking. MONTHLY REVIEW & INDUSTRY NEWS The global refined copper market showed a 54,000 metric tons surplus in August, compared with a 73,000 metric tons surplus in July, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 8 months of the year, the market was in a 535,000 metric tons surplus compared with a 75,000 metric tons surplus in the same period a year earlier, the ICSG said. World refined copper output in August was 2.32 million metric tons , while consumption was 2.27 million metric tons. When adjusted for changes in inventory in Chinese bonded warehouses, There was a 42,000 metric tons surplus in August compared with a 63,000 metric tons surplus in July, the ICSG said. China's refined copper production in September rose 0.4% from the prior year to 1.14 million metric tons, data from the country's National Bureau of Statistics showed. China's September imports of unwrought copper and copper products was flat year-on-year at 479,000 metric tons, data from the General Administration of Customs showed - For the first nine months of the year, copper imports were up 2.6% at 4.09 million tons, the data showed. Manufacturing production in Chile jumped 3.4% in August on a yearly basis, the country's INE statistics agency said on Monday, exceeding the 0.5% increase expected by economists polled by Reuters. - Copper output in Chile, the world's largest producer of the red metal, increased 7.1% year-on-year in the month to 470,478 metric tons, the agency added. "The market is trying to establish some support in this area around $9,500, which is both technical and psychological support," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "Given a lack of a clear market signal, metals continue to follow a mean-reverting strategy, edging closer to their averages. For copper, this level is currently at $9,450 a ton," Sucden Financial said in a note. "Market is seeing some profit booking after copper prices rallied last month. The rally would have had a longer shelf life if we got more details around stimulus measures, adding solid support for the property market," ANZ analyst Soni Kumari said. "The policy stimulus effect to copper in the short term is almost finished. We saw the stock accumulation in China for the first time in September," said Matt Huang, analyst at broker BANDS Financial. LME stock and price chart are provided below for your information:

3M LME copper traded between $8714 and $9453 in August. On 05.08.2024, it tested $8714, its lowest level since March 13, as worsening demand outlooks in the world’s two largest economies, China and the U.S., led to a sell off of the metal used in energy and construction. It was supported at $9453, its highest level in nearly six weeks, on expectations that a possible U.S. interest rate cut in September would provide support for copper prices. 3M LME copper ended August with a 0.12% gain at $9251.5. 3M LME copper suffered losses at the start of its 32nd week as worsening demand outlook in China and the US, the world's two largest economies, led to selling of the metal used in energy and construction. Supported by rising copper consumption in China and expectations of larger interest rate cuts by the US Federal Reserve later this year, LME copper could not recoup its losses at the beginning of the week and finished the week down 2.82% at $8831. Copper prices were supported by easing concerns about China’s economy at the start of a 33rd week. However, they fell on 13.08.2024 as a larger than expected drop in Chinese credits soured confidence. However, they limited losses as U.S. data boosted interest rate cut hopes. LME copper, which came under pressure after U.S. inflation data came in line with expectations on 14.08.2024, was supported by potential supply risks related to the strike at BHP’s Escondida mine. It rose to $9,184.5 on 16.08.2024. Copper prices ended the week up 3.92% at $9,177.5, encouraged by U.S. data that eased concerns about mineral supply and fears of an impending recession in the world’s largest economy. Monthly Changes 3M LME copper, although it started the 34th week with a gain, fell to $9120 under pressure as investors ended their short covering rally and demand concerns in major consumer China continued. It closed the week with a 1.31% gain at $9298, as Powell's statements and good data from the US indicated that recession concerns in the US were easing. 3M LME copper started the week on a gain, testing $9453 on optimism that a possible September interest rate cut in the US, which remained closed for a bank holiday at the beginning of the 34th week, could help boost demand for the red metal. It fell to $9177 on 29.08.2024 as weak economic data and demand concerns in major economies weighed on prices. LME copper ended the week down 0.50% at $9251.5. MONTHLY REVIEW & INDUSTRY NEWS Chile state miner Codelco produced 111,400 metric tons of copper in July, down 10.7% from a year earlier, the South American country's Cochilco copper commission announced, while other key miners saw mixed results. The BHP-controlled Escondida mine lifted its production of the red metal in July by 29%, compared to the same month last year, to reach 106,500 tons. Meanwhile, the Collahuasi mile, jointly run by Glencore and Anglo American saw output shrink 6% to 47,000 tons. The world's leading miner BHP downgraded its forecast for China's copper growth to 1%- 2% this year, as housing completions, the major indicator for copper end-use in housing, are expected to contract sharply in 2024, the company said. Copper production in Peru, the world's No. 3 producer of the key industrial metal, will likely fall short of a government goal of 3 million metric tons this year, a top mining official said. - Output is currently on track to reach about 2.8 million tons this year, said deputy mining minister Henry Luna. - Mining companies operating in Peru will likely produce between 2.7 and 2.8 million metric tons of copper this year, the head of a major mining group said on Tuesday, with the forecasted output coming in under the government's 3 million ton goal. Cochilco also said that Chile's copper production is expected to increase by 3% in 2024 from the previous year to 5.41 million metric tons, short of the previously estimated 5.5 million tons. - In 2025, production would grow 6% to 5.7 million tons, Cochilco added. China's imports of unwrought copper slid in August to a 16-month low, customs data showed on Tuesday, as weaker demand for the metal hit arrivals. - Imports of unwrought copper and products stood at 415,000 metric tons last month, down 12.3% from the year-earlier figure of 473,330 tons and the lowest since last April, data from the General Administration of Customs showed. Manufacturing production in Chile jumped 5.1% in July on a yearly basis, the country's INE statistics agency said. - Copper output in Chile, the world's largest producer of the red metal, increased around 2% year-on-year in the month to 443,633 metric tons, the agency added. China's unwrought copper imports slid to a 16-month low in August and total imports missed expectations, reflecting weak demand. "Copper remained under pressure amid an increasingly dim outlook for demand in China. The market remains concerned that Beijing will fail to address the slowdown with any further stimulus measures," ANZ analysts said in a note. LME stock and price chart are provided below for your information:

3M LME copper traded in the $8,900-$10,000 range in July. The dollar, which weakened ahead of the China meeting and Powell's speech from July 15-18, tested $10,000 on 05.07.2024 on the back of rising U.S. rate cut hopes, stimulus measures and increased physical demand in China, the largest consumer. It extended its losses and tested $8,900 on 25.07.2024, its lowest level since March 28. 3M LME copper ended July down 3.61% at $9,586. 3M LME copper tested the $10,000 level in the first week of July, supported by the weaker dollar, rising interest rate cut hopes in the US, stimulus measures and the higher than expected non-farm payrolls announced in the US on 05.07.2024, following the increase in physical demand in the largest consumer China. Copper prices finished the week with a 4.01% gain at $9,970. LME copper, which started the second week of July at $10,000, faced losses after the disappointing inflation announcement in China. It finished the week at $9,877, down 0.93%, also due to the increase in copper stocks. Monthly Changes LME copper, which started the third week of July at $9900, ended the week down 5.94% at $9290, under pressure from weak economic data from top consumer China and rising stocks in most global warehouses. LME copper, which started the fourth week of July at $9,330, increased its losses as demand concerns in the largest consumer, China, continued, testing $8,900, its lowest level since March 28. Finding support from the losses in the dollar on the last day of the week, LME copper remained under pressure throughout the week, finishing the week down 2.34% at $9,073. MONTHLY REVIEW & INDUSTRY NEWS The global refined copper market showed a 95,000 metric tons surplus in June, compared with a 63,000 metric tons surplus in May, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 6 months of the year, the market was in a 488,000 metric tons surplus compared with a 115,000 metric tons surplus in the same period a year earlier, the ICSG said. World refined copper output in June was 2.31 million metric tons , while consumption was 2.21 million metric tons. When adjusted for changes in inventory in Chinese bonded warehouses, There was a 100,000 metric tons surplus in June compared with a 76,000 metric tons surplus in May, the ICSG said. China produced 5.9 million metric tons of refined copper in the first half of the year, according to local data provider Shanghai Metal Market. That represented year-on-year growth of 6.5%, equivalent to an extra 359,100 metric tons. China exported 70,006 metric tons of refined copper in July, less than half of a record high of 157,751 metric tons exported in June, due to a drop in profit from exports. China's July imports of unwrought copper and copper products fell 2.9% on the year to 438,000 metric tons, data from the General Administration of Customs showed. - For the first seven months, copper imports were up 5.4% at 3.2 million metric tons, the data showed. Copper production in Peru was down 11.7% year-on-year in June, the Andean country's energy and mines ministry said on Monday, landing at 213,578 metric tons. Mining companies operating in Peru will likely produce between 2.7 and 2.8 million metric tons of copper this year, the head of a major mining group said, with the forecasted output coming in under the government's 3 million ton goal. Copper output in the Chile, the world's largest producer of the red metal, decreased 1.25% year-on-year in June to 452,850 metric tons, the agency added. Chile's Codelco, the world's largest copper producer, on Friday posted a 8.4% drop in output for the first half of 2024 compared with the same period last tear, at 580,000 metric tons. The union at Chile's Escondida copper mine, the world's largest, signed a deal on 18.08.2024 with BHP , ending the risk of a further strike that could have threatened global supplies of the red metal. LME stock and price chart are provided below for your information:

3M LME copper traded between $9,485.5 and $10238 in June. It fell below $10,000 per metric ton for the first time in three weeks as weak demand in China fueled sales despite a weaker dollar in early June. It faced losses as a stronger dollar fueled sales, stalled demand growth in top consumer China and pressure from rising inventories, testing $9,485.5 on Wednesday 26.06, its lowest level since April 17. 3M LME copper ended June down 4.80% at $9,586. Copper prices fell below $10,000 a metric ton for the first time in three weeks in the first week of June as weak demand in China accelerated selling despite a weak dollar. 3M LME copper ended the week down 3.18% at $9,748.50, weighed down by a stronger dollar and investors awaiting a key U.S. jobs report for clues on the timing of the Fed’s rate cuts. 3M LME copper fell to $9,680 for a 24th week as a weaker yuan reduced the purchasing power of Chinese buyers while high inventories and weak demand weighed on prices. 3M LME copper ended the second week of June up 0.25% at $9,772.50, although it remained under pressure from the possibility that the Fed will cut interest rates only once this year and later than expected. Monthly Changes 3M LME Copper fell to an eight week low of $9,551 at the beginning of the third week of June after data showed that industrial output in China, the largest copper consumer, was weaker than expected in May, while a stronger dollar also weighed on copper. The People's Bank of China said on Wednesday 19.06 that it would remain committed to its accommodative monetary stance and resolutely prevent the exchange rate from rising too much. LME copper recovered somewhat on the news flow, but finished the week down 0.95% at $9,680. Copper prices suffered losses at the start of the fourth week of June as a stronger dollar triggered a sell off, demand growth stalled in top consumer China and pressure from rising inventories, testing $9,485.5, the lowest level since April 17. 3M LME copper finished the week down 0.97% at $9,586, despite the support of lower buying on the final day of the week. MONTHLY REVIEW & INDUSTRY NEWS The global refined copper market showed a 65,000 metric tons surplus in May, compared with a 11,000 metric tons surplus in April, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 5 months of the year, the market was in a 416,000 metric tons surplus compared with a 154,000 metric tons surplus in the same period a year earlier, the ICSG said. World refined copper output in May was 2.37 million metric tons , while consumption was 2.31 million metric tons. When adjusted for changes in inventory in Chinese bonded warehouses, There was a 78,000 metric tons surplus in May compared with a 31,000 metric tons surplus in April, the ICSG said. China's refined copper production in June rose 3.6% from the prior year to 1.13 million metric tons, data from the country's National Bureau of Statistics showed. Chilean miner Antofagasta said it expects full-year copper output at the lower end of its 670,000 - 710,000 metric ton guidance range, due to lower ore grades. Citi Research said in a note that copper prices will likely struggle for direction in the coming weeks before recovering to $9,500 per ton within three months and touching $11,000 by early 2025. Chile's state mining giant Codelco, one of the world's largest copper producers, fell further behind its production target in May, an internal document obtained by Reuters showed, underscoring the challenge to revive output at a 25-year low.. The mining firm, which has yet to publicly release data for May, produced 103,100 metric tons of the red metal in the month, some 8.6% below its target of 112,800 tons, the previously unreported June document revealed. Manufacturing production in Chile decreased 2.2% in May on a yearly basis, the country's INE statistics agency said, losing steam after the increase of 5.1% seen in the previous month. Chile's Codelco, the world's largest copper producer, posted a 8.4% drop in output for the first half of 2024 compared with the same period last tear, at 580,000 metric tons. LME stock and price chart are provided below for your information: