Washington’s push to stockpile strategic metals is redirecting copper supplies into U.S. warehouses, leaving China at a disadvantage. Christopher Ecclestone, principal and mining strategist at Hallgarten + Company, highlighted this shift during LME Week in London. He noted that U.S. policies are drawing copper into the country, while China’s warehouse position has turned negative. Commodity traders are fiercely competing to meet this demand, with Mercuria recently delivering 12,000 tonnes of Congolese copper to the U.S. government’s critical minerals reserve.
Ecclestone views copper as a more critical geopolitical chokepoint than rare earths, given its widespread industrial use. He also supported CME Group’s plan to launch tungsten futures in early 2027, calling it a necessary step to bring transparency to an opaque market. However, he criticized some miners in Argentina for importing basic goods from China instead of supporting local suppliers, undermining the benefits of the RIGI tax regime.
In the U.S., Ecclestone sees a revival of copper mining, particularly in Arizona. Hudbay Minerals and Mitsubishi approved the construction of Copper World, expected to produce 102,000 tonnes of copper annually starting in the second half of 2029. Despite this growth, he noted that foreign capital is driving much of the U.S. mining revival, with major miners remaining cautious due to political uncertainties.
On digital gold, Ecclestone was skeptical, comparing tokenization to ‘old wine in new bottles.’ He warned of potential scandals from unverified backing claims and expressed concern over the stagnation of copper production in Chile and Peru, despite their rich deposits.