The US president had announced import tariffs of 50 percent, causing the price of copper to rise. But shortly before August 1, everything changed again. Not all imported copper products are affected by the tariffs, only refined copper. The 50 percent tariffs apply to imports of semi-finished products such as sheets, tubes, and rods. But now copper warehouses are full, as it was assumed that all copper products would be subject to the high tariffs. Since the US has to import about half of its copper, it stocked up heavily on the reddish metal. And these high inventories are now putting pressure on copper prices. In the short term, therefore, the outlook for prices is not so good. However, copper prices are expected to be significantly higher in the longer term. There is broad consensus that new technologies will lead to higher demand for copper.

The figures from China are also not particularly encouraging at the moment. The purchasing managers‘ index has fallen to 49.5. A value above 50 indicates growth, while a value below 50 indicates contraction. Industrial activity has therefore deteriorated. And China is the most important market for industrial metals, including copper. Some companies reduced their workforce in July. On the supply side, global copper mine production rose by around 2.7 percent in the first five months of 2025, according to the International Copper Study Group. For refined copper, the global balance indicates a market surplus of around 304,000 tons. In the medium to longer term, however, e-mobility, wind and solar energy, and the expansion of power grids should ensure strong demand for copper. Companies such as Arizona Sonoran and Mogotes Metals will then benefit from this.

Arizona Sonoran Copper Company – https://www.commodity-tv.com/play/copper-market-update-and-why-arizona-sonoran-copper-is-now-attractive/ – owns the Cactus project in Arizona. It scores highly with a very good economic rating.

Mogotes Metals Inc. – https://www.commodity-tv.com/play/mogotes-metals-ceo-insight-on-trench-results-at-cruz-del-sur-and-stockwork-hills/ – owns copper and gold projects in Argentina and Chile. The Filo Sur copper project (Argentina) appears particularly promising.

Current company information and press releases from Arizona Sonoran Copper Company (- https://www.resource-capital.ch/de/unternehmen/arizona-sonoran-copper-company-inc/ -) and Mogotes Metals (- https://www.resource-capital.ch/de/unternehmen/mogotes-metals-inc/ -).

Sources: China’s purchasing managers‘ index: https://www.handelsblatt.com/politik/international/einkaufsmanagerindex-chinas-verarbeitendes-gewerbe-im-juli-geschrumpft/100145544.html and on copper production: https://icsg.org/press-releases/

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