Copper Market Supply-Demand Imbalance Persists, LME Inventories Plunge 32% in a Month, Mining Stocks Face New Upside Opportunity

LME copper prices rose to $14,396 per metric ton on Monday, with spot premiums surging to their highest level since 2021. Multiple supply-side disruptions continue to exert pressure: Chile's copper output fell 6.7% year-over-year, Antofagasta cut its production guidance, and an Indonesian smelter halted operations. Meanwhile, rising market expectations for US tariffs on refined copper have intensified LME spot tightness. The approaching monthly delivery date could further amplify short-side pressure, and analysts believe mining stocks still have upside potential.