Fertilizers, Chemicals, Metals & Mining, Non-Ferrous
May 15, 2026
Copper markets react to high sulfuric acid prices, Middle East conflict
Featuring Lu Han, Yuencheng Mok, and Staff
HIGHLIGHTS
Copper TC/RCs plunge 89% to record lows
Sulfuric acid prices surge 156% amid war
Geopolitical shocks expose copper vulnerability
Copper TC/RCs have plunged 89% since January, hitting record lows as concentrate supply tightens and demand stays firm. At the same time, the Middle East war has driven prices of sulfuric acid – an important by-product for copper production - up 156% since mid-March, supporting copper smelters to maintain production, and exposing copper's growing vulnerability to geopolitical shocks.
Join Ruilin Wang, associate director of nonferrous market, Yuya Pan, senior principal analyst of sulfur & phosphate raw materials at S&P Global CERA, Lu Han, senior editor of nonferrous, and YuenCheng Mok, senior manager at S&P Global Energy, in a discussion on the evolving copper and sulfur markets.
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