Copper Falls: Freeport, Southern Copper Drop Thursday
Key Facts
- Copper tracker CPER settled at US$39.85, down 0.42% on the day giving back a sliver of recent gains as industrial metals paused.
- Southern Copper dropped 3.75% to US$187.59 in New York trading a much steeper fall than the copper proxy itself.
- Freeport-McMoRan lost 3.45% to close at US$66.83 signalling investors sold the big copper miners harder than the metal.
- The move came after softer-than-expected US wholesale price data which failed to lift metals even as it eased pressure on the Federal Reserve.
- Gold, not copper, remained the centre of market attention with analysts debating whether bullion could challenge US$5,000 an ounce next year.
- Chile and Peru remain the world’s top copper suppliers so the producer-heavy sell-off matters for export revenues across Latin America.
Today’s Focus
Copper eased on Thursday, with the CPER tracker settling at US$39.85, a drop of 0.42%. That modest dip masked a sharper sell-off in mining shares.
Southern Copper fell 3.75% to US$187.59, while Freeport-McMoRan dropped 3.45% to US$66.83. Investors treated the miners as more vulnerable than the metal itself.
A cooler US wholesale inflation report did little to help copper. The market stayed focused on gold, where forecasts of much higher prices dominated the session.
For Latin America, the slide in producer shares is a reminder that copper income can move faster than the commodity price. The direction matters less than the widening gap between metal and equity.
What matters today. The gap between a small dip in copper and a sharp fall in the big miners shows investors are demanding a higher safety margin on producer shares.
01 The session in one read
Copper tracked by CPER settled lower on Thursday, August 13, 2026, closing at US$39.85 for a decline of 0.42%. The small move in the metal hid a sharper retreat in the companies that mine it.
Southern Copper, one of the largest producers with deep roots in Peru and Mexico, dropped 3.75% to US$187.59. Freeport-McMoRan, the US giant with major South American operations, fell 3.45% to US$66.83.
A softer-than-expected US wholesale inflation report did not give copper a lift. Broader metal-market commentary focused overwhelmingly on gold, which has been rising for nearly a month straight.
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02 The board
The copper-tracking fund CPER ended at US$39.85, down 0.42 percent on the day. That is a futures-based proxy, so it reflects expectations for the metal rather than the spot price itself.
The producer board was notably weaker. Southern Copper closed at US$187.59, down 3.75 percent, while Freeport-McMoRan finished at US$66.83, down 3.45 percent. Both fell several times more than the copper fund.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$39.85 | -0.42% |
| Southern Copper | US$187.59 | -3.75% |
| Freeport-McMoRan | US$66.83 | -3.45% |
Source: RT close, 2026-08-13. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 167,100.95 | -0.23% | +21.85% | 167,491.07 | 168,310 | 167,142 | — |
| IPSA | 11,000.07 | +0.16% | — | 10,982.72 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 65,335.52 | -0.64% | +12.17% | 65,755.97 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,000,582 | +0.04% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,432.10 | +0.07% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 58,814.75 | -1.21% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
The US producer price report came in softer than economists expected, which would normally support metals by reducing the chance of aggressive Federal Reserve tightening. Instead, copper slipped anyway.
Attention in the metals complex stayed locked on gold. Analysts at UBS argued bullion could challenge US$5,000 an ounce in the first half of 2027, while other forecasters debated a key technical level around US$4,432.
Copper was left without a fresh demand catalyst from China, its largest consumer. With no new data on construction, grid spending or electric vehicle output, traders had little reason to buy the dips.
04 The Latin American read
Chile remains the world’s largest copper producer, with Peru second. That makes Thursday’s divergence between metal and mining shares a practical concern for government budgets and export earnings across the region.
Southern Copper’s 3.75 percent drop is a reminder that tax revenues and local spending plans can feel pain even when copper prices fall only a little. Equity investors often react first and fastest.
For foreign investors watching Latin America, the session offered a cautionary signal. A modest 0.42 percent slip in CPER translated into chunky losses for the big regional miners underlining how leveraged producer shares are to sentiment.
05 The names to watch
Freeport-McMoRan has large operations in Peru’s Cerro Verde mine, one of the world’s biggest copper deposits. Its 3.45 percent slide on Thursday shows how quickly US-listed shares can discount Latin American exposure.
Southern Copper, controlled by Grupo México, spans Peru and Mexico. At US$187.59 after a 3.75 percent loss, it remains one of the most closely watched pure-play miners for anyone tracking the Andean copper complex.
CPER itself is the cleanest way for general investors to track copper futures. Its smaller loss relative to the miners suggests the sell-off was more about equity positioning than a collapse in the metal’s outlook.
06 The outlook
Copper’s long-term story still rests on electrification, grid upgrades and renewable energy, all of which need a lot of the metal. But Thursday showed that structural demand stories do not prevent short-term wobbles.
Without a new China demand number or a mining supply disruption, copper may continue to follow the broader mood in commodities. For now, the biggest signal is the wide gap between a calm metal and nervous miner shares.
07 What to watch
- China demand data: Fresh construction, grid or electric vehicle data from China is the single biggest potential catalyst for copper prices.
- Mining share divergence: The gap between CPER and producer stocks may narrow or widen, revealing whether equity investors are more pessimistic than futures traders.
- US dollar moves: A softer dollar can support dollar-priced metals, so any shift in Fed expectations after the inflation print matters.
- Chile and Peru policy: Any news on taxes, royalties or supply disruptions in the world’s two biggest producers would hit the mining names hardest.
Frequently Asked Questions
What is CPER?
CPER is an exchange-traded fund that tracks copper futures, making it a popular way for investors to get exposure to the metal without buying physical copper.
Why did copper miners fall more than copper?
Mining shares carry extra risks such as costs, politics and operational issues, so traders often sell them harder when sentiment weakens even a little.
Which Latin American countries matter most for copper?
Chile is the world’s largest copper producer and Peru is second, with both economies heavily exposed to mining revenue.
Why did softer US inflation not help copper?
The report reduced rate pressure but gave no fresh sign of stronger copper demand from China or the energy transition, so buyers stayed cautious.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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