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Sulfuric Acid Shortages & Financial Flows Reprice Copper and Shift Capital Toward Low-Cost Producers
The International Copper Study Group revised the 2025 surplus to 455,000 tonnes, more than double the 178,000 tonnes implied by its October 2025 forecast, and projects a 96,000-tonne 2026 surplus, with exchange-warehouse inventories at 1.3 million tonnes signalling abundance while LME three-month copper holds near $13,000 per tonne ($5.90 per pound). Wood Mackenzie identifies sulfuric acid availability, treatment and refining charge (TCRC) compression, trade policy, and fiscal risk as the operative supply constraints. None reside in a resource statement, which means production guidance now depends on inputs and ... (full story)