Market awaits details of US-China agreement, supply concerns persist
Copper prices have stabilised near record highs as markets eagerly await confirmation of a long-anticipated trade agreement between the United States and China, according to ANZ. The metal, often viewed as a key indicator of global economic health, has been supported by tightening supply conditions and a more optimistic demand forecast. Negotiators have reportedly achieved progress on significant issues, including tariffs, shipping fees, and export controls.
However, ANZ noted that “details remain vague,” contributing to trader caution. Fresh disruptions on the supply side have intensified market pressures. Anglo American has announced that production at its Collahuasi copper mine in Chile is expected to fall below previous forecasts for the coming year.
The company has revised its 2026 output projection from 470,000 tonnes to between 380,000 and 410,000 tonnes. Anglo American is a global mining company with a diverse portfolio of natural resources. It focuses on responsibly developing its resources to meet the evolving needs of a growing global population.
ANZ stated that this downgrade “adds to an already tight market,” exacerbating constraints resulting from earlier mine delays and maintenance shutdowns throughout South America. These factors collectively contribute to the current stability of copper prices at elevated levels.
