Copper futures edged higher despite supply pipeline stress

July Copper futures opened with a gap higher, ultimately holding a modest 1.29% gain late in the session. This marks the second positive week out of the last three. While the International Copper Study Group reports a projected 96,000-ton copper surplus for 2026, severe structural constraints are emerging. The primary bottleneck is a shortage of sulfuric acid, an essential component for extraction. Driven by disruptions in the Strait of Hormuz and China's full export ban, acid prices surged 106% to $307 per ton. This impacts Chile, the top global producer, where first-quarter production fell 6% year-over-year and ...