Rzzro's price pipeline shows copper at $13,370/mt on the LME and $6.3725/lb on COMEX, with the COMEX proxy up 1.98% on June 11. The move is not a clean demand breakout. It is a tug-of-war between tighter mine supply and slower industrial demand from higher-rate expectations.
Research sources show copper trading near $6.19/lb earlier in the week before buyers repriced the structural deficit. Jefferies now points to an average annual supply deficit of about 491,000 tonnes through 2030. ICSG has also swung from a projected 2026 surplus to a deficit as mine disruptions and smelter constraints deepen.
For procurement, the key signal is the spread between spot action and concentrate stress. Higher prices can pause near-term demand, but negative treatment charges and delayed mine recovery keep the medium-term supply curve tight. Buyers should treat dips as hedge windows, not as evidence that the copper shortage has ended.
Lock 3-6 months of coverage when LME copper trades below $13,000/mt or COMEX copper falls below $6.00/lb. Track TC/RCs weekly; negative charges are an early warning that refined availability will tighten later.