Top 5 Copper News Stories of 2025

1. Glencore to Close Last Australian Copper Mines, Smelter's Fate Uncertain

Publish date: July 24, 2025

In July, Glencore (LSE:GLEN,OTC Pink:GLCNF) made headlines following end-of-operations reports at its last two Australian copper mines, the underground Enterprise and X41 mines in Mount Isa, Queensland.

The decision was first discussed in October 2023. At the time, Glencore said it was hoping to find a viable solution amid losses, but was yet to secure a funding commitment.

Around 17,000 local jobs were estimated to have been tied to the copper supply chain and related businesses.

In October, the Australian government announced it would save Mount Isa with an AU$600 million investment.

Split evenly between the federal and Queensland governments, the amount will be paid over three years and will be dedicated to protecting jobs at the Mount Isa copper smelter and Townsville refinery.

“We support the Australian and Queensland Governments’ push to develop policies which enable critical metals processing to continue in Australia, backed by a mining sector that makes a significant contribution to the economy and supported by affordable and reliable energy,” said Troy Wilson, Glencore Metals Australia's interim COO.

2. Copper Prices Surpass US$10,000 as US Tariff Fears Shake Global Markets

Publish date: March 21, 2025

In mid-March, copper prices surged past US$10,000 per metric ton, a five month high.

Earlier in the year, concerns were raised when US President Donald Trump ordered a probe into the national security implications of copper imports. The move sparked tariff concerns among investors, with experts saying that tariffs could widen the price gap between Comex and London Metal Exchange copper.

StoneX analyst Natalie Scott-Gray told the Financial Times that this would further distort global copper trade, creating strong incentives for suppliers to shift even more metal to the US market.

3. After US$1.5 Billion Gold Payday, Chinese Billionaire Pivots to Copper

Publish date: May 21, 2025

Chinese tycoon Bian Ximing emerged as China’s biggest copper bull after making a shift from gold to copper. According to Bloomberg's calculations, he made a bet on copper futures worth nearly US$1 billion

The billionaire was assumed to be taking advantage of copper’s critical role in the global energy transition, alongside China’s transition to high-tech industries and anticipated volatility in US-China trade relations.

While some investors were lying low due to the trade war, Bian appeared to take the opposite approach, signaling confidence in China’s economic resilience and the structural demand for copper.

“There are traps and opportunities everywhere — opportunities in risks and traps in opportunities,” Bian wrote in a blog post last year. “Investment is essentially a game of survival."

4. Copper Prices Up as Freeport-McMoRan Announces Force Majeure at Grasberg

Publish date: September 24, 2025

Copper prices also rose in September, when major miner Freeport-McMoRan (NYSE:FCX) announced that operations would remain halted at its Grasberg copper-gold mine in Indonesia.

Freeport holds a 49 percent interest in Grasberg, while the Indonesian government owns the remaining 51 percent.

A 5 percent rise in copper prices was seen following the announcement of the mine’s suspension. Copper reached S$4.84 per pound on the Comex and rose to US$9,900 per metric ton on the London Metal Exchange at the time.

Operations at the mine were suspended on September 8 after an estimated 800,000 metric tons of wet material inundated the site, killing seven workers. The company said it had launched an investigation into the incident, describing it as without precedent in the history of the Grasberg block-cave operation.

Grasberg is recognized as one of the world’s largest copper-gold mines. Its annual production rate stands at 1.7 billion pounds of copper and 1.4 million ounces of gold.

5. Trump's Copper Tariff Investigation Triggers Global Market Response

Publish date: February 27, 2025

Before the copper tariff fears, Trump announced an executive order “to investigate whether imported copper poses a national security risk under Section 232 of the Trade Expansion Act of 1962.”

This happened in February, with White House Trade Adviser Peter Navarro telling reporters that the move was designed to curb China’s expanding copper sector, while addressing vulnerabilities in the US supply chain.

The Globe and Mail added that, according to Navarro, there is also a desire to restore the domestic mining, smelting and refining of copper, given potential military and technological needs.

The potential for tariffs quickly began to affect global copper flows.

In Asia, requests to withdraw copper from London Metal Exchange warehouses jumped by more than 93,000 metric tons at the time, marking the biggest four-day drawdown since 2013.