Copper price: Strains deepen as global smelting activity hits decade low 

By Frik Els – Mining.com

After rallying through 2025 (not without some deep troughs) and into this year driven by supply disruptions in Indonesia and South America alongside tariff disruptions, copper prices are pulling back again. 

Copper for March delivery fell over 3% in New York to $5.78 a pound or $12,740 a tonne on Thursday and is now trading 12% below highs hit just over two weeks ago. 

Uncertainty on copper markets was heightened after satellite data showed January smelter activity was the lowest on record since tracking began nearly a decade ago.