Copper Weekly returns for episode thirteen. This week we are joined by Carlos Piñeiro a principal supply analyst at Benchmark, based in Chile. Albert and Carlos talk about rapidly moving LME stocks, AI-related copper demand, and take advantage of Carlos’s expertise to dig into the supply side of the market.
In this episode:
Significant amounts of LME copper have been cancelled from the LME in the last few days; this comes following lots of material being re-warranted and put back on the LME across last week. Those deliveries quelled the backwardation.
However, now that the market is back closer to normal, large amounts of material has once again been cancelled. LME prices have therefore recovered from their slight dip last week. Looking forward, the question remains whether we will continue to see volatility on the LME with the US tariff situation still unresolved.
We also discuss the US dollar and how declines in the US dollar index may have helped pull up the copper price.
Carlos goes over how storms in Chile are impacting copper supply, and discusses whether they are likely to have any real impact on the markets, or whether the coverage of the disruptions just indicates the skittishness currently seen in the around supply disruption.
Lastly, we cover how AI demand is impacting the copper market and pose the question: Is AI demand really as important as it is presented?
Copper Weekly is produced by Benchmark, the leading independent price reporting agency and market intelligence provider for critical minerals and energy transition metals.
Benchmark’s Copper Service delivers in‑depth analysis of prices, trade flows, supply and demand fundamentals, smelter and mine dynamics, and regional physical markets – helping producers, traders, consumers and investors understand what is really driving the copper market.
To learn more about Benchmark’s copper coverage, explore our data and analysis, or to arrange a demonstration of the service, visit: www.benchmarkminerals.com/copper
You can also receive Benchmark’s free fortnightly copper newsletter, featuring market commentary and key developments, by signing up here: www.benchmarkminerals.com/newsletters
For questions about this episode, or to speak directly with our copper analysts and team, contact us at: copper@benchmarkminerals.com
