Metals & Mining, Non-Ferrous

November 05, 2026

Dr. Copper's Diagnosis: What Copper Is Telling Us About the Global Economy

HIGHLIGHTS

Mine supply tightens as smelting margins turn negative

Tariffs and interest rates pressure copper markets

Energy transition drives demand for critical metal

Copper sits at the heart of the energy transition, data centre expansion and global electrification. But behind the bullish headlines lies a market wrestling with tight mine supply, negative smelting margins, tariff uncertainty and rising interest rates. In this episode, Nick Trickett joins Hill Vaden and Sam Humphreys on EnergyCents to explain what is really driving copper prices and what the next 6-12 months could hold for one of the world's most important commodities.

Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Also on Apple Podcasts | Spotify

Crude Oil

US-Israeli Conflict with Iran

Essential Energy Intelligence for today's uncertainty.