Supply Chain De-bottlenecking

The reopening of the Strait of Hormuz is expected to lower the cost of refined copper shipments to European markets, which had been facing extreme scarcity. This is encouraging renewed procurement from the automotive and data center sectors.

Inventory Constraints Persist

Despite the diplomatic breakthrough, the physical scarcity of high-grade copper cathode remains acute. Global inventories are only sufficient for 3.5 days of consumption, keeping a strong bid under the market.