Copper prices rebound after sharp drop as US signals trade progress
Copper prices bounced back Thursday following their biggest single-day drop in nearly a month, as optimism returned on US trade negotiations.
On the COMEX, copper for July delivery climbed 1.6% to $4.683 per pound ($10,302 per tonne) after tumbling 5% on Wednesday. In London, three-month copper futures rose above $9,200 per tonne, recovering part of Wednesday’s 3% loss.
The rebound came after US President Donald Trump said there was a “very good chance” of reaching an agreement with China, although he emphasized it would need to be on US terms. Trade Representative Jamieson Greer added that the US was close to announcing an initial batch of trade deals.
Copper fell 6% in April — its worst monthly performance since mid-2022 — amid growing concerns of a global trade war. Washington is also reviewing whether to impose tariffs on US copper imports.
Adding to the volatility, supply concerns resurfaced in Peru — the world’s third-largest copper producer — as community protests disrupted operations at two major mines. While protests at Antamina (owned by BHP and Glencore) were quickly resolved, logistics at Las Bambas (operated by China’s MMG.) are still being restored.
Meanwhile, the International Copper Study Group now forecasts a larger global surplus of the metal. After meeting with industry leaders in Lisbon, the group revised its 2025 forecast to a surplus of 289,000 tonnes — more than double the 138,000 tonnes from last year and significantly above its previous 2025 estimate of 194,000 tonnes.
The surplus is projected to remain elevated in 2026 at 209,000 tonnes, marking three consecutive years of oversupply.
(With files from Bloomberg)
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