Copper headed for a monthly advance as evidence of a tight physical market and Fed rate decision weighed on the metal. The Comex contract for September delivery jumped as much as $6.4930 a pound on Thursday, up 2.2% at $6.4515 ($14,224 a tonne) by late morning. The red metal has gained more than 14% in 2026, and the high brings it within about 2.5% of the record set in early June, when the contract moved above $6.60.

LME copper rose 1.3% to $13,753 a tonne, leaving the US premium at around $470 a tonne. Signs of tightness are multiplying: LME inventories fell by more than 10,000 tonnes this week to 262,300 tonnes, and China’s import premiums hit their highest level since 2022. Supply headwinds include Codelco’s abandonment of its pre‑pandemic output target and storm‑induced disruptions in Chile. The main relief comes from Cobre Panama, where First Quantum’s restart momentum is building.

Fed splits, Beijing waits. The Fed’s decision to hold was not unanimous: three of the 12 policymakers favoured a quarter‑point hike to fight inflation risks fanned by the US‑Iran war. Higher borrowing costs typically weigh on growth and demand from metal‑consuming industries, and base metals had traded cautiously ahead of the meeting. In China, top officials struck a more supportive tone on the economy at Thursday’s Politburo meeting but stopped short of announcing new measures. The government will “plan to roll out pragmatic and effective new policies in a timely manner,” Xinhua reported.

Earnings sweep. Copper miners rallied in New York morning trade, helped by an earnings season showcasing the metal’s margins. Teck Resources rose as much as 6.1%, matched by merger partner Anglo American, which reported first‑half results buoyed by record copper prices and raised its dividend. Glencore gained as much as 4.6% after reporting a 15% rise in first‑half copper output, Freeport‑McMoRan climbed as much as 4.1% and Southern Copper 3.7%. Rio Tinto added as much as 3.3%, while BHP was up 3% at its high. Most metals on the LME are heading for modest monthly gains in July, with tight physical markets offsetting macroeconomic and geopolitical headwinds. Comex copper is up about 4% for the month.