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Benchmark's Copper Weekly is back for episode ten. Mike and Albert unpack a week of standout price action, record-breaking US import flows, and a mining equities picture that's turning heads across the industry.

In this episode:

Approaching All-Time Highs — Copper pushed close to $14,000/t during recording, its strongest level since early June. Albert explains why weather disruption in Chile has shifted sentiment despite limited material impact, and why falling stocks across the LME, SHFE and Chinese social inventories are the real story behind the move.

Record US Imports — Reports suggest at least 200kt of copper cathode is heading into the US in July alone, a figure that would make it one of the largest single-month import totals on record and more than most nations import in an entire year. Albert breaks down why this year's flows differ from last year's more ad hoc rush, thanks to earlier positioning built into annual contract negotiations.

A Shifting European Trade Flow — With CME-deliverable Chilean cathode being pulled toward the US, Europe has turned increasingly to DRC and Chinese origin material. Albert notes European imports of Chinese-origin cathode this year already rival the cumulative total of the past two decades.

Global Tightness, US Abundance — LME stocks are down 80kt in a month, SHFE down around 70kt, and Chinese social inventories down roughly 100kt. Albert explains the concept of material being "economically locked" in the US, and why the rest-of-world market may effectively be running a deficit even as the global balance shows a surplus.

Mining Equities and Blowout Earnings — Rio Tinto and Anglo American posted profit growth of 43% and 35% respectively, with copper now approaching half of BHP's revenue mix and around a quarter of Rio Tinto's. Albert explains why elevated prices translate into outsized profit growth for already-profitable miners, and why copper has become an increasingly central part of the investment case for diversified majors.

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Copper Weekly is produced by Benchmark, the leading independent price reporting agency and market intelligence provider for critical minerals and energy transition metals.

Benchmark’s Copper Service delivers in‑depth analysis of prices, trade flows, supply and demand fundamentals, smelter and mine dynamics, and regional physical markets – helping producers, traders, consumers and investors understand what is really driving the copper market.

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For questions about this episode, or to speak directly with our copper analysts and team, contact us at: copper@benchmarkminerals.com