Key Facts
- Copper futures rose 1.32% to US$6.70 per pound in Monday, September 21 trading, supported by stronger Chinese buying.
- The Yangshan import premium hit US$121 a tonne its highest since November 2022, signalling China’s firmer near-term appetite for imported copper.
- The CPER futures tracker closed up 1.09% at US$40.67, reflecting a portfolio of COMEX copper futures rather than spot metal.
- Southern Copper added 1.21% to US$198.06 among the producer shares that track the metal on the New York tape.
- Freeport-McMoRan gained 0.87% to US$72.16, extending the producer read on the bid.
- Chile remains the world’s No. 1 copper producer with estimated 2025 output of 5.3 million tonnes, about 23% of global production.
Today’s Focus
Copper futures climbed 1.32% to US$6.70 per pound on Monday, September 21, 2026. The move had a clear Chinese accent: the Yangshan import premium reached US$121 a tonne last week, its highest since November 2022.
The CPER tracker rose 1.09% to US$40.67. Producer equity proxies followed, with Southern Copper up 1.21% to US$198.06 and Freeport-McMoRan up 0.87% to US$72.16.
Chile, the world’s top producer with estimated 5.3 million tonnes of 2025 mine output, anchors the Latin American supply story. Peru, with 2.7 million tonnes, ranks third behind the Democratic Republic of Congo, not second.
The session was a reminder that physical demand signals, not just macro rates chatter, can still drive copper. Higher Chinese buying outweighed the stronger-dollar headwind that pressured gold.
What matters today. The Yangshan premium’s jump is the clearest near-term signal that Chinese import demand is improving, and it matters more for copper than the rate-driven moves in gold.
01 The session in one read
Copper futures added 1.32% to US$6.70 a pound in Monday, September 21 trading. That put the red metal on firmer footing even as gold slipped on rising odds of a Federal Reserve rate hike and a stronger dollar.
The driver was not rate speculation but physical demand. The Yangshan premium, a gauge of China’s appetite for imported copper, climbed to US$121 a tonne, its highest level since November 2022.
Copper’s rise on Monday, September 21 came despite a firmer dollar that weighed on gold. The Yangshan premium, which climbed to US$121 a tonne last week, is the variable to watch, because it captures real Chinese import demand rather than speculative positioning.
02 The board
The CPER fund, which tracks a rules-based portfolio of COMEX copper futures, closed up 1.09% at US$40.67. Because futures mature and are rolled forward, the fund’s return can diverge from the cash-metal price.
Producer shares echoed the bid. Southern Copper rose 1.21% to US$198.06 and Freeport-McMoRan gained 0.87% to US$72.16, showing equity investors were willing to pay for copper exposure.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$40.67 | +1.09% |
| Southern Copper | US$198.06 | +1.21% |
| Freeport-McMoRan | US$72.16 | +0.87% |
Source: RT close, 2026-09-21. 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 | 186,595.60 | +0.74% | +21.85% | 185,229.17 | 168,310 | 167,142 | — |
| IPSA | 11,357.82 | -0.21% | — | 11,381.18 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 63,536.96 | +0.25% | +12.17% | 63,375.93 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,998,956 | -0.76% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,565.55 | +0.68% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,344.04 | +0.31% | — | — | — | — | — |
| 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 remains the world’s largest refined-copper market, and Monday’s move pointed to renewed import buying. Manufacturing, infrastructure and power investment are the big copper-consuming sectors behind that demand.
The stronger dollar, a headwind for gold, did not derail copper. The Yangshan premium’s jump signalled that buyers were willing to pay more to bring metal into China, and that physical signal outweighed the currency drag.
Longer term, electric vehicles, renewable-power equipment, electricity grids and data-centre infrastructure all require substantial wiring. These structural demand drivers have no verified single number in our figures, but they underpin the strategic case for copper.
04 The Latin American read
Chile remains the world’s No. 1 copper producer, with estimated 2025 mine output of 5.3 million tonnes, roughly 23% of global production. Codelco and the Escondida mine operated by BHP anchor that supply story.
Peru produced 2.7 million tonnes in 2025 and ranks third globally, behind the Democratic Republic of Congo, not second. Freeport operates the major Cerro Verde mine there, giving Peru outsize weight in the producer equity complex.
05 The names to watch
Southern Copper is a direct way for foreign investors to hold Latin American copper exposure, and its 1.21% rise to US$198.06 outpaced CPER’s 1.09% advance. The company’s large Peruvian and Mexican asset base makes it sensitive to both copper prices and local operating conditions.
Freeport-McMoRan gained 0.87% to US$72.16. Its Cerro Verde stake in Peru and long history in the metal make it a barometer for how equity markets price supply from the Andes.
06 The outlook
The Yangshan premium at US$121 a tonne is the key gauge to watch for confirmation of this Chinese import bid. Sustained strength there would support the futures move beyond a one-session bounce.
US warehouse space constraints and tight supply suggest physical tightness could persist. The Federal Reserve’s rate path remains a background risk, but Monday showed copper can rally even when gold falls.
07 What to watch
- Yangshan import premium: Whether China’s willingness to pay US$121 a tonne for imported copper holds or climbs further.
- US warehouse availability: Reports of running out of warehouse space may keep nearby copper futures supported.
- Chilean mine output: Any supply disruption from Codelco or Escondida would tighten the global balance sharply.
- Fed rate signals: A confirmed rate hike would strengthen the dollar further, but physical Chinese demand could blunt the currency effect.
Frequently Asked Questions
Why did copper rise on Monday, September 21?
Copper futures rose 1.32% to US$6.70 a pound as stronger Chinese buying pushed the Yangshan import premium to US$121 a tonne, its highest since November 2022.
What does CPER track?
CPER holds a rules-based portfolio of COMEX copper futures, not physical spot copper or mining shares, so its 1.09% return to US$40.67 can differ from the cash-metal price due to futures maturities and contract rolling.
Is Peru the world’s second-largest copper producer?
No. Peru produced 2.7 million tonnes in 2025 and ranks third globally, behind the Democratic Republic of Congo. Chile leads with 5.3 million tonnes.
Which Latin American miners moved?
Southern Copper rose 1.21% to US$198.06 and Freeport-McMoRan added 0.87% to US$72.16, both tracking the broader copper bid.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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