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Artwork for Copper Weekly
Copper
Tariffs On Copper Cathode
United States Tariffs On Copper
Treatment and Refining Charges (tcs)
Us-Iran Relations
SXEW (solvent Extraction and Electrowinning)
Iran Conflict
Acid/sulfuric Acid Market
Arbitrage (LME Vs CME)
Chile
Peru

Copper sits at the heart of the energy transition, yet its market still trades on old and new fundamentals colliding. Copper Weekly, a Benchmark Podcast, cuts through the noise in 10–15 minutes, giving you the key moves, the real drivers, and the risks ahead.

Hosted by Michael Finch, Head of Strategic Initiatives, and Albert Mackenzie, Copper Analyst & Market Reporter, each episode breaks down the... more

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Latest Episodes

Copper Weekly returns for episode eight — Mike and Albert unpack a week where copper prices pushed to their highest since early June. The big theme? For once, the market appears to be moving on genuine fundamentals rather than sentiment alone, as sto... more

Copper Weekly returns for episode seven — This week, we are joined by Ivan Llancas, senior supply analyst, based in Chile. Albert and Ivan discuss the challenges facing mining in Chile, alongside falling LME on-warrant stock, continuously high US cop... more

Copper Weekly returns for episode six — and while the US tariff saga rumbles quietly in the background, the real focus this week is a potential structural shift that could reshape how the entire copper concentrate market is priced. Mike and Albert ta... more

Copper Weekly is back for episode five — and this one was meant to be the big tariff reveal. Mike and Albert deliberately delayed recording to Wednesday July 1st to capture the long-awaited US Section 232 announcement on copper. The result? Silence. ... more

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Acid, Arbitrage and What the Iran Deal Means for Copper
Q: Can you run us through the impact of the Iran peace deal on copper prices and sentiment?
The market initially pushed copper higher as the dollar weakened and macro optimism rose; sentiment improved even as there remains substantial uncertainty about whether the deal will hold, meaning upside and downside risks depending on future developments.
The End of the Benchmark? Antofagasta Could Shake the Concentrate Market
Q: What should listeners watch for in the week ahead beyond the tariff deadline?
Listeners should monitor any US tariff announcements, Iran–US negotiations signals, and ARB movements, as any surprises could push prices higher or cause volatility around the deadline.
The End of the Benchmark? Antofagasta Could Shake the Concentrate Market
Q: What did the Cobra Panama audit reveal and why does it matter for supply?
The audit was broadly positive and supports the potential reopening; some conditions were missing but deemed nice-to-haves, and reopening would significantly affect Panama's copper supply and royalties, easing tight concentrate markets if it comes online.
The End of the Benchmark? Antofagasta Could Shake the Concentrate Market
Q: What is the significance of Antofagasta reportedly offering index-linked annual TCs rather than the traditional benchmark?
He notes it would align TCs with the spot market, potentially depressing long-term TC levels for smelters outside China and risking the reliability of supply, while miners could seek new value in higher spot-linked contracts; the move could spell the end of the traditional copper concentrate benchmark if adopted widely.
The End of the Benchmark? Antofagasta Could Shake the Concentrate Market
Q: What does the renewed tension and potential structural shift in the concentrate market mean for the copper price outlook?
Albert explains that a move away from the benchmark TC toward spot-linked terms could lower long-term TC costs but would remove price stability for smelters; the net effect depends on whether the market supports spot-based pricing broadly or reverts to a balanced mix, with prices likely staying volatile until clearer signals emerge.

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