Copper Retreats from Record as War Jitters Trump Miners' Earnings Beats

Copper retreated from near-record levels on Thursday, 23 July 2026, falling about 2.7% on the day to near $6.28 per pound, as jitters over the West Asia war outweighed strong second-quarter results from major miners.

Newmont said its realized gold price in the second quarter reached $4,414 per ounce, up 33% year on year, while Freeport-McMoRan guided to 2026 copper sales of about 3.1 billion pounds at net cash costs of $1.90 per pound. Even so, mining shares slipped, with Freeport down 2.31% on Thursday to around $63.50.