Benchmark's Copper Weekly is back for episode two — and with host Mike Finch holding the fort in London and analyst Albert reporting live from Washington DC, this week's conversation covers a market where macro forces are firmly in the driving seat.

With copper prices easing back slightly from last week's levels, Mike and Albert unpack whether the recent equity sell-off and Middle East re-escalation represent genuine fundamental reassessment or simply short-term noise in what remains a historically elevated price environment.

In this episode:

Macro vs. Fundamentals — Equities sold off, the Middle East flared up again, and copper felt some pressure. But with prices still comfortably above $13,000/t, is Dr. Copper simply responding to noise, or is something deeper shifting?

The Arbitrage Narrows — The CME-LME spread pulled back from around $600/t to $374/t. Is that wide enough to keep incentivising US imports, and what does the forward curve tell us about where things are headed?

June 30th Countdown — The next US Section 232 tariff announcement is approaching fast. Albert gives his honest assessment of what to expect — and why even seasoned market participants are treating it as a genuine coin flip.

Peru vs. Chile — Peru just recorded its best ever Q1 copper output while Chile hit its worst since 2017. Albert breaks down the structural reasons behind these diverging trajectories and whether the trend has further to run.

The Week Ahead — Wednesday's US inflation print is the key data point to watch. Albert also flags LME cancellations and the arbitrage as the copper-specific signals worth tracking closely.

Plus: Albert previews his meetings with miners and financials in New York — and reveals the three questions everyone in the room will want answered.

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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

Welcome to Copper Weekly – Benchmark's brand-new podcast cutting through the noise of global copper markets. In this inaugural episode, host Mike Finch and Copper Analyst & Market Reporter, Albert Mackenzie, sit down to do something a little different: instead of diving straight into the week's moves, they zoom out and ask the bigger question — why is copper where it is, and what got us here?

In this episode:

Structural price highs – What's really behind copper's elevated pricing regime, from long-term supply deficit fears to surging interest from pension funds and AI-linked investment vehicles

The tariff effect – How US Section 232 tariff speculation triggered a dramatic CME-LME arbitrage, flooded America with copper imports, and created an artificial tightness that rattled global markets

The TC/RC collapse – Treatment charges have gone deeply negative — something analysts once called impossible. Albert unpacks the smelter capacity glut, the Cobra Panama shutdown, and what minus-$100 TCs actually mean

Supply disruptions – Grasberg, El Teniente, Kamoa-Kakula: big names, big headlines — but was the disruption more psychological than physical?

Acid & the Iran conflict – Why a Middle East conflict is moving copper markets through sulfuric acid supply chains, and whether the "20% of supply at risk" headline holds up to scrutiny

Plus: A look at the week ahead — with the June 30th Section 232 announcement looming, Albert shares exactly what signals to watch.

Whether you're a seasoned trader or simply curious about the commodity powering the energy transition, this is the essential primer for everything copper in 2025-26.

Chapters

00:00 Introduction and Market Overview
01:04 Setting the Big Picture: 2025 Market Context
02:08 Why Copper Prices Are at a Structural High
05:09 US Tariffs and Market Impact
09:18 Treatment Charges and Concentrate Market Dynamics
14:37 Supply Risks and Mine Disruptions in 2025
18:01 Comparing Current Cycle to Past Bull Markets
20:01 Recent Price Movements and Market Drivers
22:40 Geopolitical Risks and Acid Supply Concerns
28:32 Looking Ahead: Key Events and Market Indicators

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