Key Facts
- Copper futures firmed on Monday, August 24, 2026, with the front-month contract settling at US$6.5990 per pound and rising 0.30 percent.
- The copper-tracking fund CPER settled at US$40.07, up 0.20 percent on the day, reflecting gains in the futures curve rather than spot metal.
- Southern Copper shares slipped 0.81 percent to US$214.25, while Freeport-McMoRan gained 1.49 percent to US$77.80 in the same session.
- Chile leads, Peru is third — Chile is the world’s largest copper producer and the Democratic Republic of Congo has overtaken Peru for second place, anchoring the Latin American supply story for global investors.
- BHP said copper is now its largest earnings driver, with group copper production guidance for FY26 raised to 1.9 to 2.0 million tonnes.
- China demand and the energy transition continue to absorb large volumes of copper for grids, electric vehicles, renewables and data centers.
Today’s Focus
Copper futures edged higher on Monday, August 24, 2026, with the front-month contract quoted around 6.60 USD per pound, up roughly 0.24 to 0.36 percent. The copper-tracking fund CPER settled at US$40.07, a gain of 0.20 percent, confirming that investors were buying exposure to the futures curve.
The London Metal Exchange cash settlement was lower, at about US$6.48 a pound in its 21 August official figures, which is the usual gap between the two venues rather than a signal in itself. Southern Copper shares fell 0.81 percent to US$214.25, while Freeport-McMoRan climbed 1.49 percent to US$77.80.
Miners keep framing copper around structural demand from China and the global push to electrify. BHP now calls copper its largest earnings driver and has lifted FY26 production guidance, while Rio Tinto maintained its full-year target and lowered cost guidance.
For Latin America, Chile and Peru sit at the centre of that supply chain, feeding Asian smelters and the energy transition that keeps pulling metal through the system.
What matters today. Copper futures settled at US$6.5990 a pound as miners leaned into Chinese demand and the energy transition, even while spot metal traded a shade lower.
01 The session in one read
Copper futures settled higher on Monday, August 24, 2026, with the front-month contract quoted around 6.60 USD per pound. The move marked a daily gain of roughly 0.24 to 0.36 percent, a quiet but firm step.
The copper-tracking fund CPER settled at US$40.07, up 0.20 percent, giving investors synthetic exposure to that futures curve rather than to warehouse inventories or spot metal.
The Monday session showed a modest but telling split: futures contracts that CPER tracks rose, while the spot bid in New York eased 0.34 percent. That points to investors pricing in continued tightness further out, rather than any immediate physical squeeze. The variable to watch is whether spot copper can close the gap with futures, which would signal that physical buyers are finally chasing metal instead of waiting.
02 The board
Southern Copper, one of the largest producers with mines in Peru and Mexico, slipped 0.81 percent to US$214.25. Freeport-McMoRan, the big US-listed miner with the Grasberg operation in Indonesia, rose 1.49 percent to US$77.80.
The London Metal Exchange cash settlement sat lower, near US$6.48 a pound in the exchange’s 21 August official figures. The gap is between two venues rather than between spot and futures, and CPER tracks the COMEX contract.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$40.07 | +0.20% |
| Southern Copper | US$214.25 | -0.81% |
| Freeport-McMoRan | US$77.80 | +1.49% |
Source: RT close, 2026-08-24. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,906.72 | +0.51% | +21.85% | 171,031.73 | 168,310 | 167,142 | — |
| IPSA | 11,537.98 | +1.76% | — | 11,338.38 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 66,105.23 | +0.57% | +12.17% | 65,729.18 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,995,129 | +2.81% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,510.72 | +2.09% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,222.25 | -0.17% | — | — | — | — | — |
| 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 driver remains structural. Miners and analysts continue to describe copper as a core energy transition metal, feeding high-voltage cables, electric motors, renewable power projects and data centers.
China still absorbs large volumes of metal through construction, grid investment and electric-vehicle manufacturing, even when month-to-month import figures wobble. That demand backdrop helps explain why futures settled at US$6.5990 a pound.
04 The Latin American read
Chile is the world’s largest copper producer. Peru now ranks third, having been overtaken by the Democratic Republic of Congo. For foreign investors in Latin America, these two Andean economies supply the ore and concentrate that feed Asian smelters and the electrification build-out.
BHP reported record material mined and concentrator throughput at Escondida in Chile, plus strong performance at Antamina in Peru. The group now calls copper its largest earnings driver and has raised its FY26 production guidance to a range of 1.9 to 2.0 million tonnes.
05 The names to watch
Rio Tinto reported a 3 percent rise in copper-equivalent production for the first half of 2026, with consolidated copper output of 213 kilotonnes in the second quarter. The company kept its full-year copper production guidance at 800,000 to 870,000 tonnes and lowered its C1 net unit cost guidance.
First Quantum Minerals maintained its 2026 total copper production guidance at 405,000 to 475,000 tonnes, spanning Kansanshi and Trident-Sentinel. Its C1 cash cost fell to 2.84 USD per pound in the second quarter, down 0.60 USD per pound from the prior quarter.
06 The outlook
Miners are lifting copper guidance and trimming costs into a price backdrop that held futures above 6.60 USD per pound on Monday. The question is whether spot buyers start paying up to match the futures curve, which would confirm that physical tightness is arriving.
07 What to watch
- Spot versus futures gap: Watch whether the spot bid closes the gap with the 6.60 USD per pound futures level, as that signals physical buyers chasing metal.
- BHP cost guidance: BHP’s trimmed unit cost guidance of about 1.00 to 1.20 USD per pound shows how by-product credits are improving margins as copper prices firm.
- China demand signals: Construction, grid investment and electric-vehicle manufacturing in China remain the swing factor for global copper absorption.
- Escondida throughput: Record material mined at BHP’s Escondida in Chile could lift supply, so watch for any signs of rising inventories or softer spot bids.
Frequently Asked Questions
Why did CPER rise on Monday?
CPER rose 0.20 percent to US$40.07 because it tracks copper futures, which firmed on Monday, August 24, 2026.
Why is spot copper different from futures?
They are quoted on different exchanges. CPER tracks the COMEX contract, which settled at US$6.5990 a pound, while the London Metal Exchange cash settlement was near US$6.48 in its 21 August official figures.
Why do Chile and Peru matter for copper?
Chile is the world’s largest copper producer and Peru the third, behind the Democratic Republic of Congo, making them the key Latin American suppliers to Asian smelters and the energy transition.
What did BHP say about copper?
BHP said copper is now its largest earnings driver and raised FY26 group copper production guidance to 1.9 to 2.0 million tonnes.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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