Commodities Buzz: Glencore highlights resilient Chinese demand and persistent tightness across value chain as critical factors supporting Copper

Glencore, a leading global diversified natural resource player, stated yesterday that first half of H1 2026 was characterised by a significant repricing of energy and closely related market risk, following the escalation of conflict in the Middle East. For Copper, Glencore noted that notwithstanding uncertainty surrounding potential US tariff measures, prices recovered through the second quarter, underpinned by resilient Chinese demand and persistent tightness across the copper value chain. The copper concentrates market remained in significant deficit, reflecting constrained mine supply growth and continued expansion in global smelting capacity. Spot TCs declined from negative $70/dmt at the beginning of the year to negative $160/dmt by June, as competition for scarce concentrate intensified, underscoring the widening disconnect between mine supply and processing capacity.

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