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Copper
United States Tariffs On Copper
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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 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

Benchmark's Copper Weekly returns for episode four — and after last week's peace deal optimism, the mood has shifted once again. Fresh tensions over the weekend have left the market in wait-and-see mode, while a potentially landmark shift in how the ... more

Benchmark's Copper Weekly is back for episode three — and this week there is one story that dominates the conversation above all else. The Trump-Iran peace announcement sent shockwaves through financial markets, and copper was no exception. Mike and ... more

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. more

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Talking Points

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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.
Noise or Signal? Reading Copper's Latest Moves
Q: What is the number one question coming into meetings with miners, developers, and financiers?
The prevailing inquiry centers on visibility into tariffs, AI-driven demand implications, and long-term supply-demand balance, with participants seeking scenario-based answers for each possible tariff outcome.

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