Category II · Industrial & base metals
Copper.
Foundational electrification metal. EV, grid, and data-centre build-out drives structural demand growth.
Benchmark
LME cash settlement
Unit
US$ / tonne
Current price · 3-mo forward avg
US$ 9,400 / tonne
Apr — Jul 2026 (forward 3-mo avg)
Foundational electrification metal. EV, grid, and data-centre build-out drives structural demand growth.
Price · LME cash settlement
2016 — 2035
Solid line: historical annual averages. Dashed line: forward projections (consensus).
Top 5 producing countries
- 01
Chile
24%
Codelco state-owned + global majors
- 02
Peru
10%
Cerro Verde, Antamina, Las Bambas
- 03
DRC
10%
Copperbelt — fastest-growing supply region
- 04
China
8%
Domestic + import refining hub
- 05
United States
5%
Arizona, Utah, New Mexico
Leading companies
- 01
Codelco
Chilean state-owned; world's largest copper miner
- 02
BHP
Escondida (Chile) — single largest copper mine
- 03
Glencore
African Copperbelt + Latin America
- 04
Freeport-McMoRan
Grasberg (Indonesia), Cerro Verde (Peru)
- 05
Anglo American
Quellaveco (Peru), Los Bronces (Chile)
Of note
- §
EVs require ~4× more copper than internal combustion vehicles — a structural demand step-change.
- §
Multiple analysts forecast a 5–10 Mt/yr copper deficit by 2030 absent major new supply.
- §
Average ore grade is declining globally — supports higher long-run prices.
Sources
LME, S&P Global Commodity Insights · IEA Critical Minerals Outlook. Curated quarterly. Forward projections are consensus indications and are not a guarantee of future prices.