Leading Economist is Bullish on Copper. So Why is the Price Falling?
The copper price trades near $6.30 a pound on Tuesday, down almost 8% from its early August record, after the metal posted its first losing week since June. Economist Steve Hanke told his followers to stay long on copper six days ago, hours before the rally stalled. The supply case behind his call, however, has not changed. Sponsored Sponsored Copper Mine Supply is Shrinking for the First Time Since 2017 Hanke published his note on September 9, with London Metal Exchange prices still setting fresh highs. “The price of copper on Londons LME is SOARING. Morgan Stanley now reports that this year could mark the first annual decline in the supply of copper coming from mines since 2017. STAY LONG COPPER,” said Steve Hanke, Professor of Applied Economics at Johns Hopkins University International Copper Study Group data shows global mine output fell 1.1% in the first half of 2026. Freeport-McMoRans Grasberg mine is still running at roughly half capacity after a fatal landslide. Chile has cut its national production forecast again. Ore grades are also deteriorating, forcing miners to move more rock for less copper. Copper price context chart showing annual change in copper mine production from 2016 to 2026. Source: X Three producers explain most of the shortfall. Freeport-McMoRan









