Federal Judge pause Arizona Copper Line transfer

Poland’s copper mining tax will fall from next year under a new system that will provide deductions related to investment spending, Polish finance minister Andrzej Domanski said on Friday.

The tax on mineral extraction, including copper, was introduced in 2012. Poland’s biggest copper miner KGHM paid 3.87 billion zlotys in tax in 2024, according to its annual report.

“By taking care of investments in Poland, by taking care of the development of KGHM, we also take care of the collective security of the West and the European Union.”

Source – Reuters

BHP warned Thursday that a tariff war could slow the global economy and disrupt world trade, as the world’s biggest miner reported a slight decline in quarterly iron ore production and a 10% rise in copper output due to higher volumes from the giant Escondida mine in Chile.

“Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant,” CEO Mike Henry said. “China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.”

Source – Seeking Alpha

Benchmark LME copper futures are more than 9% higher so far this year, and Comex copper is 16% higher YTD, with the Comex now trading at a 10%-12% premium over LME, and Morgan Stanley analysts see more room for growth.

“We stay constructive on copper, our preferred base metal,” Morgan Stanley wrote. “Fundamentals and price signals are positive, and inventories are tightening as metal gets pulled to the U.S. Tariffs may bring demand concerns in the future, but for now physical markets continue to tighten.”

Source – Seeking Alpha