The Copper Crossroads: Where Is the Market Headed in 2026? 

Inside the Copper Market: Unpacking 2025’s Volatility and 2026 Outlook

‘Unprecedented’ has been a familiar precursor to describe the copper market in 2025, with:

• A negative TC/RC environment for copper concentrates
• Changing trade flows in global copper cathodes
• Volatility in copper futures prices amid policy uncertainties and supply disruptions

As the year draws to a close, our expert speakers Julienne C. Raboca, EMEA Copper Senior Price Reporter and Sally Zhang, Team Lead Asia Non-Ferrous, were joined by a distinguished panel featuring:

• Mehdi Lemsagued (VP Commercial & Marketing, Managem Group)
• Scott Crooks (Principal Analyst, CODELCO)
• Andrew Cole (Principal Analyst, Fastmarkets)

They unpacked the forces shaping the copper market today and tomorrow.

Replay Highlights

• Supply Disruptions: How global supply and policy shifts influenced copper pricing dynamics
• TC/RC Pressures: Key factors behind the negative TC/RC environment and what it signals for producers and traders
• Trade Flows: Emerging patterns in copper cathodes and their impact on regional markets
• Futures Volatility: Strategic considerations for navigating price swings in copper futures
• 2026 Outlook: Forward-looking perspectives on opportunities and challenges heading into the new year