Copper prices decline despite bullish outlook from economist Steve Hanke

Copper prices have fallen nearly 8% from their early August record to approximately $6.30 per pound, marking the first losing week since June. Despite this, economist Steve Hanke maintains a bullish stance, citing the first decline in global mine supply since 2017. Data from the International Copper Study Group indicates a 1.1% drop in global mine output for the first half of 2026, exacerbated by operational issues at Freeport-McMoRan’s Grasberg mine and production cuts in Chile. Furthermore, declining ore grades and rising demand from AI data centers continue to tighten the market.