Latest figures from the London Metal Exchange show that copper is closing out the first half of this year with 12% gains. U.S. copper contracts on the CME are trading at $1,200 per metric ton, recording price increases as LME stocks continue to fall while more physical copper is redirected to America.
This comes as the tariff trade continues to be volatile, months after President Trump introduced his Liberation Day tariffs. Changes are expected once the Trump administration makes the decision on whether to impose import tariffs.
The tin market in London has also experienced some volatility thus far this year, with 3-month tin recording a high of $38,395 per ton in April before dropping to $28,925 following the Liberation Day announcement.
Persistent pressures in supply have bolstered the metal’s price though, as it is currently trading above $33,500 a ton.
While the resumption of operations at the DRC’s Bisie mine has helped reduce supply worries, the continued suspension of operations at the Man Maw mine does little to bolster supply of the metal. The Man Maw mine is located in the Wa State in Myanmar and was suspended in August 2023. Figures from 2022 show that the mine’s output accounted for 7-8% of the supply globally, which made up about 70% of the 40,000 metric tons mined in the country that year.
Chinese smelters have been greatly impacted by the suspension, with figures showing that in the period between January and May 2025, imports for tin concentrate for the East Asian nation declined by more than 36%, with refined production falling 15% on a year-on-year basis last month.
Authorities in control of the mine are currently negotiating new licenses to allow the mine to resume its operations.
The aluminum market has also been impacted by the import tariffs imposed by the Trump administration, with consumers in America parting with roughly $1,250 a ton over the price quoted on the LME to acquire the metal. Premiums globally continue to reduce as demand from parts of Asia and Europe declines and the metal is redirected to new destinations.
Additionally, the demand for nickel has been steadily reducing as manufacturers of electric vehicles in China shift to other battery chemistries like lead-acid batteries. Despite this, Indonesia continues to increase its production of the metal, creating a surplus. Currently, three-month nickel on the London Metal Exchange is trading slightly higher than $15,000 a ton.
For copper exploration companies like Torr Metals Inc. (TSX.V: TMET), the increasing demand for this metal is a tailwind that could attract additional investment into the company.
NOTE TO INVESTORS: The latest news and updates relating to Torr Metals Inc. (TSX.V: TMET) are available in the company’s newsroom at https://ibn.fm/TMET
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