Panama approves plan for Copper mine

China urged the United States on Thursday to halt an investigation into potential new tariffs on copper imports to rebuild U.S. production of the critical metal, vowing to retaliate if Chinese entities got caught up in the levies.

“We urge the U.S. side to withdraw its investigation as soon as possible,” He said.

“If the U.S. insists on imposing tariffs and other restrictive measures, China will resolutely take the required steps to safeguard its legitimate rights and interests,” He said, without giving any further details.

Source – Reuters

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

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copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.

In calculating its budget, Codelco forecast a copper price of $4.30 per pound and expects a cash cost of $1.98 per pound, the document showed.

Source – Reuters