S&P 500 — US Large Cap Index
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IPC Index — Mexico Market
Copper futures traded around $6.57 per pound on Friday, holding recent gains as ongoing supply-side challenges continued to support prices. Analysts highlighted a recent export ban from Congo, along with weaker output from major producers Chile and Peru and disruptions linked to El-Nino. Chile’s copper production fell 9.4% year-on-year in July due to severe weather and mine maintenance. China’s refined copper production also declined 3% to 1.1 million tons in June. Meanwhile, tariff uncertainty continues to encourage shipments into the US, pushing Comex inventories to record highs while tightening supplies elsewhere. On the demand side, renewed hostilities between the US and Iran raised concerns that elevated energy prices could weigh on global economic activity and metals demand.
