In this episode, Argus explores why copper — long viewed as a stable macro barometer — has entered one of its most turbulent periods in years. From tariff‑driven arbitrage to supply disruptions in Africa and China’s increasingly strained smelter margins, our experts break down the forces shaping the market’s sharp swings and the risks looming over the remainder of 2026. Covered in this episode:How tariff fears, financial inflows and mine outages pushed copper briefly above $14,000/tWhy the Iran conflict introduces both macro headwinds and sulphur‑related supply risksHow sulphur disruption affects SX‑EW production in the DRC and ZambiaWhy China’s smelters continue to operate despite record‑negative TCRCsThe outlook for Chinese copper demand in 2026 amid weaker new‑energy sectors