Dutch International Group said that Luntong hit a record high of 14,875 US dollars per ton in the intraday period on Thursday, then fell more than 3% because the White House has yet to decide whether to impose tariffs on refined copper, breaking the market's previous general expectations of tax increases. The US Department of Commerce previously considered imposing a 15% tariff on refined copper from January 2027 and increasing it to 30% in 2028; currently refined copper is not within the 50% tariff implemented last year for some semi-finished copper products and derivatives. ING believes that copper's long-term fundamentals are still strong. Global copper production fell 1.1% year on year in the first half of the year. If there is no significant recovery in the second half of the year, 2026 may be the first full-year mineral contraction since 2017; declining ore grades, long project development cycles, and increased demand for power grids, electric vehicles, and data centers will continue to support prices.

Dutch International Group said that Luntong hit a record high of 14,875 US dollars per ton in the intraday period on Thursday, then fell more than 3% because the White House has yet to decide whether to impose tariffs on refined copper, breaking the market's previous general expectations of tax increases. The US Department of Commerce previously considered imposing a 15% tariff on refined copper from January 2027 and increasing it to 30% in 2028; currently refined copper is not within the 50% tariff implemented last year for some semi-finished copper products and derivatives. ING believes that copper's long-term fundamentals are still strong. Global copper production fell 1.1% year on year in the first half of the year. If there is no significant recovery in the second half of the year, 2026 may be the first full-year mineral contraction since 2017; declining ore grades, long project development cycles, and increased demand for power grids, electric vehicles, and data centers will continue to support prices.