Cost curves in copper mining suggest that price forecast 2025 will hold above $4.10/lb to sustain investment in new projects. Below that threshold, capex reductions could worsen the supply gap. Terms and Privacy Policy Your Privacy Choices CA Privacy Notice More Info “Copper is globally fungible — it’s like oil. The sanctions don’t work on Russian oil or Iranian oil, because it just flows around. Copper can do that too. So it is incorrect to think, 'Oh, copper tariff, therefore, copper is up, and all copper stocks have to go up.' If you’re a copper miner in Chile selling to China, then the US tariff has no direct bearing on your business whatsoever,” he said in an interview with INN on July 9. Copper price forecast 2025 sentiment is amplified by hedge fund activity, with CFTC data showing a 3-year high in speculative longs, hinting at confidence in the sector’s upside.