Proactive Investors
11 Sept 2026, 17:47 UTC · 8w ago
Frank Talk: Copper supply faces first annual decline since 2017
Impact · against what's priced in
The article provides a structural bullish case for copper that offsets the risk of a 'tariff premium' unwind, but offers no new catalyst for FCX given the market already prices in high copper prices and current production levels.
- FCX+0.20
Challenges what's priced in
- The price assumes
the risk that the current copper price includes a temporary 'policy premium' from tariffs that unwinds
The article argues the price rally is driven by structural supply deficits—such as a 1.1% drop in global mine production—rather than tariff speculation, as the COMEX-LME arbitrage premium remains flat at roughly 1%.
What FCX's price assumes · Sep 10
