Copper prices remained elevated in early 2026, even as volatility increased and demand expectations shifted alongside broader economic concerns. After reaching a record above US$14,500 per metric ton in January, prices pulled back but stabilized around US$13,000 per metric ton by mid-April, according to an April 24 report from J.P. Morgan Global Research. The report noted that prices had declined only modestly from pre-conflict levels despite geopolitical tensions and shifting demand expectations.
The same report described a market that remained structurally tight. Global mine supply faced ongoing disruptions, while production challenges and constraints on key inputs contributed to limited output. At the same time, inventory levels showed divergence, with higher stockpiles outside the United States and tighter conditions in other regions. Gregory Shearer, head of Base and Precious Metals Strategy at J.P. Morgan, stated that "global visible copper inventory is now at nearly 1.5 million tons," reflecting a notable increase so far this year.
According to an April 27 note from Leede Financial, the outlook for copper supply tightened further over the past month as new mine plan revisions reduced expected output. The firm stated that updated plans for major operations led to higher projected deficits of 529,000 metric tons in 2026 and 375,000 metric tons in 2027, representing 1.9% and 1.3% of demand, compared with earlier estimates of 350,000 and 99,000 metric tons. Leede also pointed to a delayed project timeline, which it said pushed the expected start-up to 2032, contributing to a tighter medium-term outlook. The firm now projected deficits of 382,000 metric tons in 2029 and 1,010,000 metric tons in 2030, compared with prior expectations of a balanced market in 2029 and a 713,000 metric ton deficit in 2030. It added that a weaker supply meant global consumption growth of about 1.4% annually could balance the market between 2026 and 2028, down from a previous estimate of 1.75%.
Supply Constraints Keep Market Tight
Demand trends remained closely tied to global economic conditions. Shearer said that "demand for base metals, including copper, is extremely sensitive to global economic growth," noting its dependence on manufacturing, construction, transportation, and utilities. The report also outlined how rising oil prices and geopolitical disruptions could weigh on demand growth, while acknowledging that prices had not fully reflected those risks.
At the same time, demand activity in China provided support. J.P. Morgan reported that buyers had been "actively buying the dip," helping stabilize prices during periods of weakness. Consumption trends also improved following seasonal slowdowns, with inventory drawdowns indicating ongoing industrial demand.
Supply growth projections pointed to continued expansion, particularly in refined copper and recycled material. An April 28 forecast from the International Copper Study Group stated that "primary refined production is forecast to rise by 2.3 %, and secondary refined production (from scrap) is expected to grow by 5.7 %" in 2027. The same report indicated that global refined copper usage growth had been revised to 1.6 % for 2026, reflecting ongoing uncertainty tied to global events.
Market balance expectations also shifted. The International Copper Study Group projected a surplus of about 96,000 metric tons in 2026, reversing earlier expectations of a deficit. The group attributed this change to lower demand growth and increased secondary production.
Industry discussions in late April pointed to a market balancing competing forces. Analysts noted that while concerns around economic growth and stockpiles persisted, price levels remained supported by supply constraints and steady demand in key regions. According to commentary from Cesco Week in Santiago, copper prices continued to operate in a range shaped by both macroeconomic pressures and long-term structural factors, with Chinese buying activity providing a floor near US$12,000 per metric ton.
Overall, copper entered the middle of 2026 trading at historically elevated levels, supported by tight supply conditions and steady industrial demand, while remaining sensitive to broader economic developments and geopolitical events.
Against this backdrop, activity across the copper space has remained focused on advancing projects and expanding resource potential. Three companies are progressing exploration and development programs as supply constraints and evolving demand conditions continue to shape the sector.
Fitzroy Minerals Inc.
Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB)reported an operational update on its Buen Retiro Copper Project in Chile, outlining recent drilling results, metallurgical work tied to a Pre-Feasibility Study, and progress on a geophysical survey. The update focused on definition drilling aimed at supporting a maiden mineral resource estimate while expanding the understanding of mineralization across the property.
Streetwise Ownership Overview*
Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 01/29/24 | NOC | 1 | FTZ:TSX.V | 1 |
Recent drill results included wide copper intercepts from multiple holes. Drill hole BRT-DDH048 returned 92.5 meters grading 0.53% copper from near surface, including 46.0 meters at 0.82% copper. Drill hole BRT-DDH049 returned 83.0 meters grading 0.57% copper, including 43.0 meters at 0.90% copper. The company noted that additional assays are pending from ongoing drilling.
Fitzroy reported that a definition drilling program is underway using two rigs, with 32 new diamond drill holes totaling 5,143 meters completed in the southwest portion of the project. The program is being expanded toward the east and south following the identification of new zones of shallow mineralization. The objective is to define sufficient material in Measured and Indicated categories to support a life-of-mine production plan for a proposed heap leach operation, while also outlining additional Inferred resources for potential future development.
Metallurgical test work has begun at SGS Laboratories using a 2,900-kilogram representative sample. In parallel, the company completed a passive seismic Ambient Noise Tomography survey across a 5 kilometer by 5 kilometer area, with data processing and interpretation currently in progress. The survey is intended to support further exploration targeting.
President and Chief Executive Officer Merlin Marr-Johnson stated that drilling has intersected multiple samples exceeding the ALS laboratory 1% copper limit for standard exploration assays, requiring re-assay using ore-grade methods. He said that, while many results remain pending, the findings indicate "there is plenty of copper in the system" and described the start of metallurgical test work as "a milestone event."
Marr-Johnson also said the geophysical survey represents a step forward in the search for a larger sulphide discovery at Buen Retiro. He noted that the company aims to use potential future cash flow from a heap leach operation to support continued exploration efforts in Chile.
In a March 16 contributed opinion piece for Streetwise Reports, Michael Ballanger noted that Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) had completed the first tranche of a CA$18.8 million financing at CA$0.50 per share, with the stock closing the week at CA$0.38. He wrote that the company's two primary projects in Chile were located in a mining-friendly jurisdiction and described them as having "high prospectivity."
On April 29, Ballanger offered an update, stating, "The attached news release is precisely why I own an exceedingly large position in Fitzroy Minerals Inc. – the “blue-sky” potential is off-the-charts with billions of dollars of market cap lying in front of us. The stock at any level under CA$.50 is ridiculously cheap.
2Fitzroy Minerals Inc. has a market cap of CA$152.46 million, with 327.87 million shares outstanding. The company's 52-week range is CA$0.24-CA$0.73.
Management and Insiders own 11% of shares, while Institutions own 2%. Strategic Investors own 25% of shares, and the remaining 62% of shares are held by Retail.
Coppernico Metals Inc.
Coppernico Metals Inc. (COPR:TSX; CPPMF:OTCQB; 9l3:FSE) reported that it has expanded its land position at the Sombrero Project in Peru through an option agreement and additional staking near its Tipicancha target. The company secured an option on 600 hectares of mineral concessions, known as the Horizonte Concessions, located adjacent to the target area where it believes the mineral system extends beyond current boundaries.
Streetwise Ownership Overview*
Coppernico Metals Inc. (COPR:TSX; CPPMF:OTCQB;9l3:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 08/28/17 | ANN | 1.5 | COPR | 1 |
| 02/12/17 | COPR | 3 | COPR | 1 |
| 04/30/12 | OPO | 3 | ANN | 1 |
| 07/16/09 | OEE | 5 | OPO | 1 |
| 10/10/08 | OEIX | 1 | OEE | 1 |
| 06/22/06 | OEI | 1 | OEIX | 1 |
| 08/06/04 | OII | 1 | OEI | 2 |
| 06/05/02 | ONA | 5 | OII | 1 |
The company also stated that it staked an additional 1,400 hectares of surrounding concessions in 2025 while discussions for the Horizonte Concessions were underway. With these additions, the Sombrero Project now covers approximately 57,000 hectares. The option agreement, entered into through its wholly owned subsidiary Sombrero Minerales S.A.C., provides immediate rights to conduct exploration and the ability to acquire the concessions through US$3.0 million in staged work expenditures over five years, along with total payments of US$2.0 million.
Under the terms of the agreement, Coppernico retains full operational control during the option period. If exercised, the option includes a 1% net smelter return royalty, with the company holding the right to reduce it to 0.5% through a one-time US$1.0 million payment within 10 years. The company stated that the concessions are in good standing with no known encumbrances or environmental liabilities.
Chair and Chief Executive Officer Ivan Bebek said in a company news release that the company had secured the concessions ahead of planned drilling activity, noting, "We are pleased to have secured these strategic concessions prior to the commencement of drilling at our adjacent Tipicancha target, where we are currently in the process of seeking drilling permits."
The Horizonte Concessions are located about 2.5 kilometers south of the Tipicancha target. Historical work conducted between 2006 and 2007 included mapping, surface sampling, and three reverse-circulation drill holes, which identified advanced argillic alteration, gold-bearing structures, and geochemical anomalies across an area measuring approximately 800 meters by 500 meters. Vice President of Exploration Tim Kingsley stated in a company news release that these findings "help validate the structural framework and alteration zonation we are defining and reinforce the scale and exploration potential of the broader Tipicancha target."
In a September 4 research update, 3L Capital analyst Steven Therrien reviewed exploration results from the Sombrero district and identified the Nioc target area as part of a broader copper skarn system. He wrote that "interpreted skarn systems at Nioc's Zones 1 and 2 could represent a system measured in the hundreds of millions of tonnes" if mineralization is confirmed at depth, and noted that several priority targets across the district remain untested with modern drilling.
The company reported that it is seeking drilling permits for the Tipicancha target and plans to begin exploration work on the Horizonte Concessions, including geophysical surveys and drilling. It has also filed a semi-detailed environmental impact assessment to expand its permitted drill area at the Sombrero Project from 904 hectares to approximately 3,024 hectares, increasing drill platforms from 38 to 181 pads, subject to approval.
2Coppernico Metals is owned by strategic investors, including Teck Resources Ltd. (TECK:TSX; TECK:NYSE) with 9.9% and Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) with approximately 5.6%.
Overall, the ownership of Coppernico is 18.37% by institutions, 15.54% strategic entities, 5.13% management and insiders, and the rest, 60.96%, is retail.
Coppernico has 177.3 million outstanding shares, and its market cap is CA$63 million. Its 52-week range is CA$0.12–CA$0.56 per share.
Orestone Mining Corp.
Orestone Mining Corp. (ORS:TSXV; ORESF; OTC; O2R2:FSE) reported that it has completed a Phase 1 exploration program at its Francisca Gold Project in Salta Province, Argentina. The program focused on mapping and sampling, which the company said outlined a sericite argillic altered gold stockwork system hosted in feldspar porphyry and hornfels.
Streetwise Ownership Overview*
Orestone Mining Corp. (ORS:TSXV;ORESF;OTC;O2R2:FSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 08/29/17 | ORS | 5 | ORS | 1 |
| 09/18/12 | ORS | 4 | ORS | 1 |
At the South Gold zone, mapping results indicated a stockwork width ranging from 40 to 70 meters, averaging 50 meters, along a strike length of approximately 400 to 500 meters. The company described the zone as consisting of altered porphyry and hornfels host rocks cut by a dense stockwork of limonite veinlets with quartz centers, including both vertical and shallow-dipping structures.
At the North Gold zone, the company reported the identification of three sub-parallel, en-echelon altered and mineralized zones. These zones averaged 40 to 50 meters in width, with individual strike lengths between 100 and 150 meters. Two of the mapped zones were described as containing sericite-altered quartz manganese stockworks.
A total of 675 samples were collected during the program, with sample lengths ranging from one to three meters. The samples are to be analyzed using fire assay methods for gold and ICP analysis for 39 elements.
Orestone stated that it can earn up to an 85% interest in the Francisca property and noted that exploration can be conducted year-round due to favorable infrastructure in the region. The company's portfolio includes gold, silver, and copper projects located in Canada and Argentina.
1In a March 16 contributed opinion piece for Streetwise Reports, technical analyst John Newell of John Newell & Associates assigned the company a "Speculative Buy" rating and noted that its previous price target of CA$0.15 had been achieved. He set additional targets at CA$0.23 and CA$0.40 and commented on the company's project portfolio, stating that "because these projects are located in opposite hemispheres, exploration programs can often advance in one jurisdiction while seasonal conditions slow activity in the other."
The company indicated that further prospecting and mapping results from areas north and south of the known zones at Francisca will be released in the near term. It also stated that the next phase of work at its Captain gold porphyry project in British Columbia will include drilling two to three holes of approximately 1,000 meters each, targeting the center of a geophysical conductor.
2Orestone Mining Corp. has a market cap of CA$7,504,288 million, with 106,993,563 shares outstanding. The company's 52-week range is CA$0.04-CA$0.175. Institutions own 8.13% of shares, while Management & Insiders own 8.00%. The remaining 83.87% of shares are Retail.
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Important Disclosures:
- Coppernico Metals Inc. and Orestone Mining Corp. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Orestone Mining, Fitzroy Minerals, and Coppernico Metals Inc.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
1. Disclosure for the quote from the John Newell article published on March 16, 2026.
- For the quoted article (published on March 16, 2026, Orestone Mining Corp. has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
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2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
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