Copper Goes Ballistic As A Shortage Meets An Outage

AsiaCopper Goes Ballistic As A Shortage Meets An OutageByTim Treadgold,Contributor.Forbes contributors publish independent expert analyses and insights. Tim Treadgold is an Australian journalist specializing in miningFollow AuthorMay 11, 2026, 10:13pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.Copper tubing at a factory in Chongqing, China. (Photo by VCG/VCG via Getty Images)VCG via Getty ImagesCopper is trading at an all-time high of $6.44 a pound and could go a lot higher as the effects of a supply squeeze and the Iran war are supercharged by stockpiling and mine closures.Biggest winners so far from the copper boom are the major producers led by BHP, the world’s biggest mining company, but closely follow by second ranking Rio Tinto. Both companies along with Anglo American and Glencore have big copper operations.BHP At All-Time HighBHP has risen by 25% on the Australian stock exchange over the last six weeks, hitting an all-time high earlier today of A$60.23 ($43.36). The stock has risen by 56% over the last 12 months.Rio Tinto also hit an all-time high of A$185.50 earlier today.Strong demand for copper from traditional markets such as construction, electronics, and transport is being boosted by a rush to stockpile as buyers lose confidence in global supply chains which are being affected by “outages” at major mines.Haul trucks transport ore from the open pit at Freeport McMoRan Grasberg copper and gold mine 14,000 feet above sea level.Photographer: Dadang Tri/Bloomberg© 2015 Bloomberg Finance LPThe latest event to lift copper was a report last week that Indonesia’s giant Grasberg mine might miss its previously announced full-scale restate date by 12-months from early next year to early 2028.MORE FOR YOUMine operator, U.S.-based Freeport McMoRan, later disputed the report of an extended delay made by one of its executives in Indonesia, saying it was sticking with the early 2027 re-start...