Kostas Bintas, the head of the global metals and mining business of Mokure Energy Group, has once again made a forecast of rising copper prices. He also warned that the recent trend of shipping metals to the United States could drain supplies from other parts of the world.

Bintas is considered one of the most influential figures in the global copper market. He gained fame during his tenure at the Toch Group, which he helped transform into the world's largest copper trader. For a long time, he has been a bull on copper prices.

In recent weeks, traders have been ratcheting up the scale of copper shipments to the United States in an attempt to arbitrage the large premium that has built up on the New York Commodity Exchange, which is being driven by market uncertainty over potential future tariffs.

earlier this month, the US Geological Survey (USGS) released its latest list of critical minerals, which for the first time included copper. Trump had ordered a tariff inquiry into the import of critical minerals, and minerals on the list could face tariffs or trade restrictions.

Before, Trump announced that a 50% tariff would be imposed on all copper imported into the United States starting August 1, causing the price of copper in the United States to soar and triggering a massive flow of global metals to the United States. But then, Trump exempted refined copper from the tariff.

Meanwhile, a series of mine disruptions have exacerbated supply shortages, driving global copper prices higher. On the 28th local time, the London copper futures price set a new intraday and closing high, and the US copper futures also strengthened significantly.

Bintas said copper prices are set to climb further as the lucrative US arbitrage window re-emerges and sops up supplies from other regions, adding that "if the world continues like this, there will be no copper cathode available from other regions."

Bintas did not give specific copper price forecasts in the interview, but he said that the LME global benchmark copper price will only continue to rise. "Just from a facts and math perspective... what is going to continue to happen? There is only one answer: tight supply and rising prices."

In March, Bintas predicted that copper prices could rise to $12,000 or $13,000 per tonne as the US would siphon off global supplies. Executives from IXM and Gunvor, competitors of Mercuria, recently warned that a series of mine accidents could create a supply gap.

At present, producers, manufacturers and traders are finalizing supply contracts for next year. Last week, it was reported that Chile's Codelco offered a 2026 contract to some buyers that was 350 dollars higher than the LME price.

Bintas said the sharp price moves in copper this year have neatly demonstrated how "the Trump agenda is overwhelming traditional supply and demand forces". He said the market is quickly realising that even if demand weakens, the continued flow to the US could lead to supply shortages in other markets.

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