Copper Climbs 6% in April as China Tax Crackdown Tightens Supply and Chile Faces Acid Export Ban
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This is your Copper podcast.
Hey everyone, welcome back to Daily Copper Price Tracker with Vanessa Clark. I'm your host Vanessa, and today we're diving into the latest on copper prices, market moves, and what it all means for this essential metal powering everything from EVs to construction.
Right now, Comex copper for May delivery closed the month strong at $5.9260 per pound, up a solid 6.06% for April alone—that's the biggest monthly gain since December 2025. Kitco's spot price sits at $5.8996 per pound, with a slight uptick of 0.68% today, trading in a day's range of $5.8438 to $5.9077. On the LME, settlement hit $12,992 per ton yesterday, while MCX in India shows futures at about 1280.80 rupees per kg, up 0.43%. Year-to-date, copper's climbed 5.26%, though it's off its record high of $6.1755 from January.
What's driving this? Strong demand from green energy and electrification, but high prices are curbing near-term upside, per Commerzbank—producers are ramping output, buyers are holding back. In China, tax crackdowns are slowing copper cathode and scrap flows, dropping import premiums to $65 per ton and tightening supply short-term. LME stocks are up slightly to 396,925 tons. Southern Copper reports Q1 earnings today, with expectations high amid record prices.
Looking ahead, watch China's sulfuric acid export ban starting this month—it could squeeze 200,000 tons of Chilean output. J.P. Morgan warns of potential drops to $11,100 per ton if macros sour.
Key takeaway: Copper's rally has legs from fundamentals, but volatility looms—diversify if you're trading, and keep eyes on China and geopolitics for your next move.
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