Key Facts
- Copper futures settled lower: the September 25 session closed down 0.34% at US$6.6955 a pound.
- The copper-tracking fund CPER finished at US$40.61, a daily slip of 0.10%.
- Southern Copper rose: it added 1.16% to US$203.92 as miners outperformed the metal.
- Freeport-McMoRan gained: it closed 0.32% higher at US$72.31 in New York trading.
- China demand remains the anchor: it is driven by grid upgrades, electric vehicles and renewable-energy equipment.
- Chile and Peru set the supply tone: they produce roughly 23% and just under 12% of global mined copper respectively.
Today’s Focus
Copper prices closed almost flat on Friday, September 25, as investors weighed steady Chinese demand against rising global interest-rate expectations. Futures settled at US$6.6955 a pound, down 0.34%, while the CPER tracker slipped 0.10% to US$40.61.
Equities in the copper complex fared better. Southern Copper added 1.16% to US$203.92 and Freeport-McMoRan rose 0.32% to US$72.31, suggesting investors still favour miners with strong Latin American footprints over the immediate futures move.
The backdrop remains the energy transition. Grid upgrades, electric vehicles, solar and wind build-outs all require large volumes of conductive copper wiring, motors and transformers, keeping structural demand intact even when short-term macro sentiment turns cautious.
For Latin America the session was uneventful. Chile and Peru, the world’s largest and third-largest copper producers, remain the supply anchor for any global re-acceleration in manufacturing or green infrastructure.
What matters today. Copper is holding its range because structural energy-transition demand is offsetting the drag from rising global rate expectations, with Chile and Peru supply the key regional variable.
01 The session in one read
Copper futures drifted lower on Friday, September 25, settling at US$6.6955 a pound, a decline of 0.34%. The modest move reflected a market caught between still-solid Chinese demand and rising bets that global central banks may keep interest rates higher for longer.
The copper-tracking fund CPER closed at US$40.61, down 0.10%. The fund holds a basket of COMEX copper futures, so its daily move can differ slightly from the front-month contract.
Copper futures and the CPER tracker were little changed on Friday, while Southern Copper and Freeport-McMoRan posted gains. That divergence hints investors are rewarding miners with direct exposure to Latin American assets even as rate fears cap the metal itself.
The variable to watch next is whether Chinese grid and electric-vehicle orders accelerate enough to push futures above the current range.
02 The board
Miners diverged from the metal. Southern Copper, with major operations in Peru and Mexico, rose 1.16% to US$203.92, while Freeport-McMoRan added 0.32% to US$72.31 in New York trading.
That divergence is a gentle reminder that shares of big producers respond to more than the daily copper print. Investors also price in production discipline, political stability in their host countries and the long-term value of their ore reserves.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$40.61 | -0.10% |
| Southern Copper | US$203.92 | +1.16% |
| Freeport-McMoRan | US$72.31 | +0.32% |
Source: RT close, 2026-09-25. 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 | 183,476.86 | -0.27% | +21.85% | 183,965.91 | 168,310 | 167,142 | — |
| IPSA | 11,255.90 | -0.39% | — | 11,299.82 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,651.92 | +0.60% | +12.17% | 64,264.16 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,893,751 | -1.57% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,584.72 | -0.95% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,934.37 | +1.27% | — | — | — | — | — |
| 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 tight range reflected competing forces. China, the world’s largest refined-copper consumer, continues to draw metal for construction, manufacturing, electricity-grid upgrades and electric-vehicle production, supporting any dip in prices.
Against that, rising expectations of further US Federal Reserve rate increases left copper with little momentum, even as gold and silver edged higher on Friday. When borrowing costs look sticky, investors often trim commodity exposure even when physical demand remains decent.
04 The Latin American read
Chile produced 5.3 million metric tons in 2025, about 23% of global mine output, led by state-owned Codelco, Chile’s largest producer and one of the world’s biggest. Peru contributed 2.7 million metric tons, just under 12% of global supply.
For foreign investors, these two countries are the supply hinge of the energy transition. Grids, electric vehicles, solar installations and wind projects all need large volumes of conductive wiring, motors, transformers and charging infrastructure, much of which relies on Chilean and Peruvian ore.
05 The names to watch
Codelco, Southern Copper, Freeport-McMoRan and BHP connect Chilean and Peruvian mines to global consumers. Freeport operates in both countries and Southern Copper in Peru and Mexico, while BHP also carries regional exposure through Escondida and Antamina.
Southern Copper’s 1.16% gain on a flat metal day suggests investors are leaning on the producer’s low-cost profile and regional scale. Freeport-McMoRan’s smaller 0.32% rise shows steadier, if less spectacular, support from its diversified copper and gold assets.
06 The outlook
Copper is likely to stay in a holding pattern until Chinese order data or US rate expectations shift decisively. The energy-transition story remains intact, but it is a slow-burning structural force, not a daily catalyst.
07 What to watch
- Chinese grid orders: Any acceleration in electricity-grid investment or electric-vehicle output would tighten the copper market quickly.
- US rate expectations: Higher borrowing costs for longer would keep pressure on industrial metals and cap rallies in copper futures.
- Chile and Peru output: Strikes, water shortages or permit delays in two of the three largest producers could tighten global supply fast.
- CPER futures rolls: The tracker can deviate from spot copper because it holds COMEX futures and must replace expiring contracts.
Frequently Asked Questions
Why did copper barely move on Friday?
Futures slipped 0.34% to US$6.6955 a pound as steady Chinese demand offset rising US rate-hike bets that weigh on industrial metals.
What is CPER?
CPER is the United States Copper Index Fund, which tracks a portfolio of COMEX copper futures contracts rather than physical spot copper.
Why did Southern Copper rise while copper futures fell?
Southern Copper gained 1.16% to US$203.92 as investors favoured low-cost producers with large Peru and Mexico operations, even on a flat metal day.
How important are Chile and Peru to copper markets?
Chile produced 5.3 million metric tons in 2025, about 23% of global output, and Peru 2.7 million metric tons, just under 12%, making them the supply anchor.
Market data: RT live market data
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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