Copper Wrap Sept 24: Chile, Peru Supply vs China Demand
Key Facts
- Copper rose 0.20% to US$6.70 a pound on Thursday, September 24, 2026, extending the week’s firm tone.
- The CPER copper-futures tracker settled at US$40.65, up just 0.10% on the day, because futures returns can lag the spot move.
- Southern Copper’s shares dipped 0.18% to US$201.58, a muted reaction to the stronger metal price.
- Freeport-McMoRan fell 0.69% to US$72.08, showing the miners did not all follow the commodity higher.
- China demand drove the session with grid investment and electric-vehicle manufacturing the two largest energy-transition uses of copper.
- Chile produced 5.3 million metric tons in 2025 about 23% of global mine output, while Peru produced 2.7 million metric tons, ranking third worldwide.
Today’s Focus
Copper rose 0.20% to US$6.70 a pound on Thursday, September 24, 2026, as China’s power-grid and electric-vehicle demand kept the red metal bid.
The CPER tracker, which follows NYMEX and COMEX copper futures rather than physical metal, settled at US$40.65, up just 0.10%, because futures returns can diverge from spot.
Shares of the big miners did not fully capture the move: Southern Copper slipped 0.18% to US$201.58 and Freeport-McMoRan fell 0.69% to US$72.08.
Chile and Peru, the world’s first and second largest copper producers, remain central to supply; Chile alone accounted for roughly 23% of global mine output in 2025.
What matters today. China’s hunger for copper to electrify its grid and vehicle fleet is the strongest force pulling the market higher, while Chilean and Peruvian supply keeps the trade tight.
01 The session in one read
Copper rose 0.20% to US$6.70 a pound on Thursday, September 24, 2026, adding to a quietly constructive week.
The buying was anchored in China, where copper is woven through construction, power grids, electric vehicles and renewable-energy hardware.
Copper’s rise to US$6.70 a pound on Thursday, September 24, 2026, fits a market where structural energy-transition buying meets concentrated Latin American supply. China’s grid build-out and electric-vehicle production remain powerful demand pillars, and with Chile and Peru supplying over a third of mined copper, any disruption there keeps prices firm. The variable to watch is Chinese refined output, which reached 14 million metric tons in 2025, or more than 48% of global production.
02 The board
The CPER tracker, which follows NYMEX and COMEX copper futures, settled at US$40.65, up 0.10% on the day.
That divergence from the spot move is normal: a futures-based fund can lag or overshoot the physical market depending on how later-dated contracts are priced.
Southern Copper fell 0.18% to US$201.58 and Freeport-McMoRan lost 0.69% to US$72.08, so the miners did not mirror the metal’s rise.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$40.65 | +0.10% |
| Southern Copper | US$201.58 | -0.18% |
| Freeport-McMoRan | US$72.08 | -0.69% |
Source: RT close, 2026-09-24. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
Live Market IntelligenceThe live market board
Rio Times · Live Market Intelligence
Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 183,965.91 | -0.99% | +21.85% | 185,814.09 | 168,310 | 167,142 | — |
| IPSA | 11,300.53 | -1.30% | — | 11,449.63 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,264.16 | -0.02% | +12.17% | 64,276.72 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,939,964 | -1.00% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,609.40 | -0.12% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,677.00 | +0.43% | — | — | — | — | — |
| 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
China’s industrial engine remains the main driver of copper demand, and the energy transition is its strongest structural support.
Power grids and electric vehicles are the two largest energy-transition consumers of copper, with solar and wind installation adding to the call on metal.
On Thursday, September 24, 2026, that demand story was enough to lift copper to US$6.70 a pound, up 0.20% from the prior close.
04 The Latin American read
Chile is the world’s largest copper producer, turning out 5.3 million metric tons in 2025 to hold roughly 23% of global mine output.
Peru follows with 2.7 million metric tons in 2025, just under 12% of world supply, keeping the two neighbours central to every price conversation.
Codelco, the world’s largest individual copper producer, sits in Chile, while Southern Copper and Freeport-McMoRan operate across both Chile and Peru.
05 The names to watch
Southern Copper’s New York shares closed at US$201.58, down 0.18%, a small dip even as the metal underneath firmed.
Freeport-McMoRan fell 0.69% to US$72.08, reminding investors that miners face operating costs and country risk alongside commodity upside.
BHP also links Chilean and Peruvian supply to global consumers, making it a useful bellwether for the regional trade.
06 The outlook
Copper’s path still runs through Beijing: China consumed the largest share of refined metal and produced 14 million metric tons in 2025, more than 48% of global refined output.
That means any Chinese policy nudge on grids, housing or electric vehicles will shape the next leg for copper, and by extension for Chilean and Peruvian revenue.
07 What to watch
- China grid spending: New transmission and distribution orders are the largest single demand driver and will set the tone for late-2026 copper.
- Chile mine output: Codelco’s production trend can tighten or loosen supply quickly, given Chile’s 23% share of global mine output.
- Futures curve shape: CPER’s small 0.10% rise against copper’s 0.20% spot gain shows the futures structure can dilute returns for tracker holders.
- Peru policy signals: Any shift in mining taxes or permitting would hit the world’s number two producer and feed straight into copper sentiment.
Frequently Asked Questions
Why did copper rise on Thursday, September 24, 2026?
Copper rose 0.20% to US$6.70 a pound as China’s grid and electric-vehicle demand kept buyers active.
Why did CPER only gain 0.10%?
CPER tracks NYMEX and COMEX copper futures, not spot metal, so its return can differ from the daily spot move.
Which Latin American countries matter most?
Chile is the top producer with 5.3 million metric tons in 2025, about 23% of global output, and Peru is second with 2.7 million metric tons, just under 12%.
Which companies link the region to global copper?
Codelco, Southern Copper, Freeport-McMoRan and BHP are the major miners connecting Chilean and Peruvian supply to world consumers.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
In depth
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times