Weekly Copper Review: COMEX futures test one-week low, economic cues from China weigh

COMEX Copper futures saw tepid moves, testing around one-week low near $6.50 per pound and sliding 2% for the week as market eyed tepid economic cues from China and elevated surplus in global Copper market. The International Copper Study Group (ICSG) stated yesterday that world copper mine production is expected to increase by 1.3% in 2026, with growth of about 3.1% forecast in 2027. It noted that 2026 world mine production growth was revised down to 1.3% from the 1.6% anticipated in the Group?s April 2026 forecasts, mainly reflecting downward revisions made for Chilean, Chinese and Indonesian production. World refined copper production is forecast to rise by about 0.4% in 2026 and 3.4% in 2027. In 2026, world refined copper production is expected to rise by a modest 0.4%. World apparent refined copper usage is expected to increase by about 1.5% in 2026 and 2.5% in 2027. ICSG?s projection of refined copper usage growth for 2026 was revised slightly down compared to the Group?s April 2026 forecast. World refined copper balance projections indicate a surplus of about 104,000 tonnes for 2026 and 368,000 tonnes for 2027.

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