Canada announces 30 critical minerals partnerships and investments

Copper prices fell for the third day due to US inflation data and easing supply concerns. Comex copper dropped 1.2% to $6.5810 per pound, while London copper fell 0.9% to $14,360 per tonne. Analysts cited profit-taking and technical deterioration. Antofagasta reported a 7% rise in Q3 production but lowered 2027 guidance, causing its stock to drop 6.4%. Other miners like Freeport-McMoRan and Southern Copper also declined.

JP Morgan upgraded Glencore to overweight with a £7.30 price target, citing copper production growth and hedges against geopolitical risks. Anglo American was lifted to neutral with a £38.50 target. Antofagasta, Fresnillo, AngloGold Ashanti, and Kumba Iron Ore were also mentioned with positive outlooks. The bank forecasts a copper supercycle and gold prices reaching $5,000 per ounce by late 2027.

China's antitrust regulator seeks copper supply commitments from Anglo American for its $54B merger with Teck Resources, according to sources. The merger, announced in 2025, aims to close by March 2027 and would control 5% of global copper supply. China, a major consumer, has veto power and has historically used antitrust reviews to secure supply.

China's antitrust regulator, SAMR, is demanding Anglo American commit to supplying steady copper concentrate to China for its merger with Teck Resources to be approved. This reflects China's struggle to meet its copper smelting industry's needs. Anglo American reports progress in negotiations, while analysts note potential impacts on global copper markets. The merger, announced in 2025, still requires China's approval and is expected to close by March 2027.

Copper futures and related stocks dropped after a Reuters report indicated the White House delayed a decision on refined copper tariffs due to affordability concerns. Freeport-McMoRan, Southern Copper, and others saw significant declines. Analysts noted the impact on copper prices and arbitrage opportunities. The uncertainty spread to broader metals markets.

Copper stocks fell sharply after a Reuters report indicated the White House delayed a decision on refined copper tariffs due to affordability concerns. Freeport-McMoRan, Southern Copper, and others saw significant declines. Analysts noted the impact on arbitrage and supply dynamics, with some maintaining long positions despite the drop.