Research agency BMI expects global copper mine output to grow by 2.5% year-on-year for 2025, supported by recovering production in Chile and an ongoing ramp-up of the Oyu Tolgoi mine, in Mongolia. Global copper production will also see strong contributions from Peru,

Patricia Barreto, a senior base metals analyst at S&P Global Commodity Insights, said that a 50% tariff on copper imports by the US would "severely disrupt existing trade flows" as exporters would divert shipments away from the US.

Chilean copper mines had their best month of export revenue in more than three years in June, with the increase in value outstripping price gains in a sign of rising production.

U.S. President Donald Trump's 50% tariff on copper has placed a record premium on prices of the metal in the United States that is likely to ease over the coming months as a stockpile created by traders anticipating the levy works through the system.

Super Copper has agreed to acquire 100% ownership of the Castilla copper project, a 5,800-hectare exploration area in Chile's Atacama region, from Verdant Resources for $100,000 in an all-cash transaction.

Comex copper for July delivery jumped 66.05 cents per pound, or 13%, to close at $5.645. That's a record high and the biggest single-day gain ever for copper, according to Dow Jones Market Data. The metal is up 41.6% year to date and up 23.3% over the past 52 weeks. In after-hours trading, the metal traded at $5.48 per pound, according to FactSet.

Some 32% of global semiconductor production could face climate change related copper supply disruptions by 2035, quadrupling from today's levels, advisory firm PricewaterhouseCoopers (PwC) said in a report for business leaders on Tuesday.