“Copper on the Supercycle Path: Consolidating for a Leap Into a New Era of Major Breakthroughs” SO OK TRADING | 23 JUNE 2026
LME Copper Market Analysis: “Resting at the Peak Before Soaring into the Supercycle”
SO OK TRADING | June 23, 2026
Copper on the London Metal Exchange (LME Copper) is currently in what investors call a “pause at the summit.” After hitting a record high of $14,527.50/ton earlier this year, the latest 3‑month delivery price is fluctuating between $13,530 – $13,649/ton. This pullback is not a retreat but rather a consolidation of strength before the next upward surge.
Why did copper prices pull back in June?
Major mines resume exports Mongolia’s Oyu Tolgoi mine resolved protest issues and resumed normal copper concentrate exports, easing concerns about sudden supply shortages.
Stronger U.S. dollar Signals of Fed rate hikes strengthened the dollar, putting pressure on industrial metal prices.
Geopolitical relaxation The 60‑day roadmap agreement between the U.S. and Iran reduced risks in the Strait of Hormuz, lowering energy and shipping costs.
Why is copper still in a long‑term bull market?
Copper shortage crisis Goldman Sachs estimates that non‑U.S. markets will face a shortage of up to 640,000 tons by year‑end.
New target from Citi Prices could surge to $15,000/ton within 12 months, driven by demand from EVs, power grids, and clean energy.
AI demand keeps growing Building data centers and advanced computing systems requires massive amounts of copper in cabling and cooling systems.
Market participants’ perspectives
Buyers / Factories Prices around $6.3/lb (COMEX) or $13,000 – $13,250/MT are golden opportunities to gradually accumulate copper or lock in raw material costs ahead of the production high season.
Scrap sellers / Recyclers Even with global market pullbacks, scrap copper purchase prices in Thailand remain above 400 THB/kg. A weaker baht supports prices, and those with low‑cost inventory can still profit well by selling gradually.
✨ Summary LME copper is consolidating within a bull market. June’s pullback is “recharging energy” before the market retests resistance at $14,200/ton and potentially surges toward $15,000/ton in 2026.
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