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The price of copper rose sharply in January and by 2.8 percent in April. The Iran conflict is affecting the price.
Where Is the Copper Market Headed?
Herisau, 12.05.2026 (PresseBox) - Advertisement - This article is distributed on behalf of Mogotes Metals Inc. and Axo Metals Corp., with which SRC swiss resource capital AG has paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: May 20, 2026, 3:15 p.m. Zurich/Berlin
The Gulf region is one of the major sulfur exporters. Copper companies that rely on leaching technologies require large quantities of sulfur. And the Strait of Hormuz remains a point of contention and could thus drive up the price of copper. On the other hand, rising energy prices could reduce demand for copper. So there are opposing forces at play. The International Copper Study Group (ICSG) has just lowered its forecast for mine production growth in 2026 from 2.3 to 1.6 percent. This is because copper production in Indonesia, Chile, and the Congo declined in 2025 compared to 2024.
For copper consumption, the ICSG now expects growth of 1.6 percent for the current year, down from its previous forecast of 2.1 percent. This is attributed to the weaker economic outlook caused by the Iran crisis. Overall, a slight supply surplus of 96,000 tons is expected for 2026. That would not be much given global annual consumption of around 29 million tons of copper. The fact that inventories are currently well-stocked is likely due to the supply surplus from 2025 of approximately 455,000 tons of copper, for which China was primarily responsible. China and the Congo account for about 59 percent of total production.
Nevertheless, copper is relatively expensive. This is because interest from financial investors on the U.S. futures exchange CME and also on the Chinese futures exchange SHFE is high. According to preliminary calculations, January and February resulted in a surplus of 310,000 tons of copper. Since, as mentioned, opposing forces are affecting the copper price, the future price development will be exciting. However, given the importance of copper for advancing technological development, the price of the reddish metal should show strength.
Axo Metals (formerly Axo Copper) owns the La Huerta copper project in Mexico. It covers approximately 11,300 hectares and is a new copper discovery in the promising Sierra Madre belt. The latest drill results are extremely positive (for example, 2.26 percent copper and 6.29 grams of silver per ton of rock, as well as a 4.2-meter interval with 3.69 percent copper and 9.33 grams of silver per ton of rock). Just recently, the company acquired Sapuchi Minera and, with it, the advanced San Antonio gold project (total resources at San Antonio amount to 576,000 ounces of gold and 1.37 million ounces of silver with a grade of 1.20 grams of gold per ton of rock and 2.9 grams of silver per ton of rock in the ?Indicated? category and 544,000 ounces of gold and 1.76 million ounces of silver with a grade of 1.02 grams of gold per ton of rock and 3.3 grams of silver per ton of rock in the ?Inferred? category) in Mexico.
Mogotes Metals - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ - is in the exploration and development stage and owns copper, silver, and gold projects in the promising Vicuña District in Argentina and Chile. The Filo Sur copper project (Argentina) appears particularly promising, where four drilling rigs are currently in operation. Promising drill results have already been published. A private placement recently injected new capital into the company.
Current company information and press releases from Axo Metals (- https://www.resource-capital.ch/de/unternehmen/axo-copper-corp/ -) and Mogotes Metals (- https://www.resource-capital.ch/de/unternehmen/mogotes-metals-inc/ -).
You can also find further information in our new Battery Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2025-04/
and in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.
Sources: Axo Metals, Mogotes Metals,
https://www.reuters.com/commentary/reuters-open-interest/study-group-shines-some-light-doctor-coppers-confusion-2026-05-01/;
https://www.miningscout.de/blog/2026/05/05/kupfer-zwischen-marktlogik-und-geopolitik/?source=mailchimp&source_medium=newsletter&source_campaign=weekly_2026-05-09&source_content=13;
https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2025-04/;
https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.
Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author?s own positions: none; SRC net position: less than 0.5%; Issuer?s stake ? 5% in SRC: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.
Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be aware of the risks involved in securities trading. No liability can be accepted for damages arising from the use of this blog. We would like to point out that investments in stocks and, in particular, warrants are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein is derived from sources deemed reliable but in no way claims to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external sites (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 ? 312 O 85/98) unless I expressly distance myself from them. Despite careful monitoring of the content, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, available at: https://www.resource-capital.ch/de/disclaimer-agb/, also applies to.
The Gulf region is one of the major sulfur exporters. Copper companies that rely on leaching technologies require large quantities of sulfur. And the Strait of Hormuz remains a point of contention and could thus drive up the price of copper. On the other hand, rising energy prices could reduce demand for copper. So there are opposing forces at play. The International Copper Study Group (ICSG) has just lowered its forecast for mine production growth in 2026 from 2.3 to 1.6 percent. This is because copper production in Indonesia, Chile, and the Congo declined in 2025 compared to 2024.
For copper consumption, the ICSG now expects growth of 1.6 percent for the current year, down from its previous forecast of 2.1 percent. This is attributed to the weaker economic outlook caused by the Iran crisis. Overall, a slight supply surplus of 96,000 tons is expected for 2026. That would not be much given global annual consumption of around 29 million tons of copper. The fact that inventories are currently well-stocked is likely due to the supply surplus from 2025 of approximately 455,000 tons of copper, for which China was primarily responsible. China and the Congo account for about 59 percent of total production.
Nevertheless, copper is relatively expensive. This is because interest from financial investors on the U.S. futures exchange CME and also on the Chinese futures exchange SHFE is high. According to preliminary calculations, January and February resulted in a surplus of 310,000 tons of copper. Since, as mentioned, opposing forces are affecting the copper price, the future price development will be exciting. However, given the importance of copper for advancing technological development, the price of the reddish metal should show strength.
Axo Metals (formerly Axo Copper) owns the La Huerta copper project in Mexico. It covers approximately 11,300 hectares and is a new copper discovery in the promising Sierra Madre belt. The latest drill results are extremely positive (for example, 2.26 percent copper and 6.29 grams of silver per ton of rock, as well as a 4.2-meter interval with 3.69 percent copper and 9.33 grams of silver per ton of rock). Just recently, the company acquired Sapuchi Minera and, with it, the advanced San Antonio gold project (total resources at San Antonio amount to 576,000 ounces of gold and 1.37 million ounces of silver with a grade of 1.20 grams of gold per ton of rock and 2.9 grams of silver per ton of rock in the ?Indicated? category and 544,000 ounces of gold and 1.76 million ounces of silver with a grade of 1.02 grams of gold per ton of rock and 3.3 grams of silver per ton of rock in the ?Inferred? category) in Mexico.
Mogotes Metals - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ - is in the exploration and development stage and owns copper, silver, and gold projects in the promising Vicuña District in Argentina and Chile. The Filo Sur copper project (Argentina) appears particularly promising, where four drilling rigs are currently in operation. Promising drill results have already been published. A private placement recently injected new capital into the company.
Current company information and press releases from Axo Metals (- https://www.resource-capital.ch/de/unternehmen/axo-copper-corp/ -) and Mogotes Metals (- https://www.resource-capital.ch/de/unternehmen/mogotes-metals-inc/ -).
You can also find further information in our new Battery Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2025-04/
and in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.
Sources: Axo Metals, Mogotes Metals,
https://www.reuters.com/commentary/reuters-open-interest/study-group-shines-some-light-doctor-coppers-confusion-2026-05-01/;
https://www.miningscout.de/blog/2026/05/05/kupfer-zwischen-marktlogik-und-geopolitik/?source=mailchimp&source_medium=newsletter&source_campaign=weekly_2026-05-09&source_content=13;
https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2025-04/;
https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.
Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author?s own positions: none; SRC net position: less than 0.5%; Issuer?s stake ? 5% in SRC: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.
Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be aware of the risks involved in securities trading. No liability can be accepted for damages arising from the use of this blog. We would like to point out that investments in stocks and, in particular, warrants are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein is derived from sources deemed reliable but in no way claims to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external sites (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 ? 312 O 85/98) unless I expressly distance myself from them. Despite careful monitoring of the content, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, available at: https://www.resource-capital.ch/de/disclaimer-agb/, also applies to.