Copper is edging towards a new record as multiple forces collide, mine disruptions, a weaker dollar, and a potential US-China trade reset.
Production setbacks have become more frequent across key mining jurisdictions. Freeport-McMoRan’s Grasberg operations in Indonesia and the Kamoa-Kakula mine run by Ivanhoe Mines in the DRC are both under pressure, reducing expected output at a time when stockpiles are already running thin.
At the same time, the broader macro picture has turned more favourable. The US dollar has weakened nearly 8% since January, which has had an amplifying effect on dollar-denominated commodities like copper. Meanwhile, signs of a potential breakthrough in trade relations between the US and China have created a more constructive tone for global demand. For copper, that means fewer bottlenecks in industrial flows, better visibility on Chinese infrastructure activity and renewed confidence in long-cycle planning.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
