| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
The global copper market is digesting the latest risks, as multi-dimensional challenges emerge in key jurisdictions. Codelco, the world’s largest copper producer, has lowered its 2025 output forecast to a range of 1.31 to 1.32 million metric tons, down from its previous estimate of 1.34 to 1.37 million tons.
According to Reuters, CEO Ruben Alvarado dismissed the risk of a reduction that would endanger the long-term goal of 1.7 million tons by 2030. Still, the cut reflects the persistent difficulties faced by the state-owned miner. Declining ore grades, elevated capital costs, and operational setbacks continue to pressurize the leading copper producer.
A July accident at the company’s El Teniente mine forced a temporary halt to mining and smelting. It might take up to three years to return this largest and most profitable operation to previous production levels. Expansion projects such as Rajo Inca at the Salvador mine and the ramp-up at Ministro Hales have helped offset some of the lost output.
Also Read: Copper Is The New Gold–Expert Eyes The Strongest Bull Market In 50 Years
While Codelco manages internal challenges, pressure is also mounting in North America. Glencore (OTCPK: GLCNF) is reportedly weighing the potential closure of its Horne Smelter in Quebec, Canada’s largest copper operation.
Reuters reported the decision stems from the high costs of environmental compliance and operational upgrades. It would also affect the Canadian Copper Refinery in the same province.
The two sites together employ approximately 1,000 workers and produce over 300,000 tons annually. Estimates suggest that modernization would cost more than $200 million.
A Glencore spokesperson denied that a shutdown is being planned but acknowledged that global smelters face “growing financial, regulatory, and operational pressure”. The company noted that its Canadian facilities continue to play an essential role in supplying critical raw materials to North American and international markets.
The Horne Smelter is nearly a century old. The facility was a pioneer in electronic scrap recycling, and continues to do so. It processes approximately 100,000 tons of e-waste annually to recover copper, nickel, cobalt, gold, and silver. A potential closure would further tighten global copper supply at a time when key producers have reported disruptions.
Meanwhile, copper demand is rising. According to a report from Wood Mackenzie, demand could surge by 24% by 2035. Electrification, renewable energy infrastructure, and expanding data center capacity are the main drivers behind the trend. The consultancy estimates that meeting this demand will require an additional 8 million metric tons of mine capacity and 3.5 million tons of scrap each year.
Unless new supply fails to materialize, structural deficits are likely to persist well into the future, creating sustained price volatility.
Price Watch: Global X Copper Miners ETF (NYSE:COPX) is up 51.77% year-to-date.
Read Next:
Photo by Ziadi Lotfi via Shutterstock
