Copper Prices Soar as Mining Equities Lag

Copper prices have surged 4.3% to $6.73 per pound over the past week, but mining equities are not following suit, widening the gap between commodity and producers.

RBC Capital Markets notes that copper's physical market is showing signs of a severe supply squeeze, with disruptions accumulating across major producing regions.

The LME spot-to-3-month futures spread has reached $0.30 per pound, its steepest premium since 2021's supply crisis.

Indonesia's PT Smelting Gresik facility was affected by a boiler failure, while Antofagasta cut its production guidance for 2026 due to storms at Los Pelambres. Codelco has also abandoned its plan to produce 1.34 million tonnes this year.