Copper: record levels
Copper reached a record of US$14,617 per tonne on the London Metal Exchange (LME) in September 2026, with a monthly average of US$14,440/t, compared with US$14,170/t in August (up around 2%).
In mid-October, the trend remains firm: on 14 October, three-month copper was trading at around US$14,473/t (up 1.2% on the day), heading for a weekly gain of about 1.5%. Several factors are supporting prices:
- Mine supply risks : the union at the Centinela mine (Antofagasta, Chile) has announced a strike that could affect output from November;
- Chinese demand : the Yangshan premium reached its highest level in four years as China returned from holidays;
- Inventories : LME stocks fell to a six-week low, while COMEX stocks hit a record high.
Cobalt: the DRC manages supply through quotas
As the world's largest cobalt producer, the DRC regulates its exports through a quota system. For 2026, the cap is set at 96,600 tonnes per year, including a 10% strategic allocation — less than half of 2024 output. At the end of June, ARECOMS withdrew unused first-half quotas and transferred them to a state-controlled strategic pool.
In early August, an order banning exports of copper and cobalt concentrates further reinforced this local value-addition policy (see our dedicated article).
Photo credit: Discovery Alert
Featured image: Discovery Alert
Sources: OE Digital / Reuters – weekly copper prices (14 October 2026) • SMM – Record copper price on the LME in September • Rio Times – Cobalt quotas and concentrates
