Global copper falls under demand worries and the Hormuz crisis; Chile storm and Antofagasta output drop add supply concern

Global copper prices fell on Friday, July 17, 2026, as worries about weaker demand amid inflation and risks from the Strait of Hormuz crisis offset supply concerns. Copper eased about 1.2 percent on the day.

On the supply side, a powerful storm in Chile, the world's largest copper producer, caused widespread power outages and damage, and Antofagasta said its copper output in the first half of 2026 fell 9.5 percent to 285,000 tonnes, factors that lent some support to prices but did not prevent the decline.

The trajectory of global copper prices matters for Iran, because it shapes the revenue and valuation of Tehran-listed copper producers such as National Iranian Copper Industries, and feeds into domestic industrial-metal costs.