- Copper surged 1.31% to US$6.6730/lb (C$9.25/lb) on August 28, making it the top-performing major commodity of the session by a wide margin.
- China’s August PMI of 51.4 — a 14-month high — combined with Chilean supply delays at Antofagasta’s Centinela project drove the breakout above key US$6.60/lb resistance.
- Teck Resources (TECK.B) and First Quantum Minerals (FM) each rallied over 2.8% and 3.1% respectively, while junior explorer Kodiak Copper (KDK) surged 6.4% on the TSX-V.
- BMO has a C$78.00 target on Teck; Scotiabank raised its H2 2026 copper price deck to US$6.50/lb, citing energy-transition demand absorbing supply faster than consensus expected.
Copper was the undisputed top performer across commodity markets on August 28, 2026, jumping 1.31% to US$6.6730 per pound — equivalent to roughly C$9.25/lb at today’s USD/CAD rate of 1.3854. The move stood out in a sea of red: gold slipped 0.46% to US$4,588.30/oz, natural gas fell 1.41% to US$2.87/MMBtu, Brent crude shed 1.72% to US$88.16/bbl, and WTI eased 0.38% to US$83.21/bbl. Copper was the clear outlier, and the driver was a potent combination of macro and supply-side catalysts.
What Moved the Price
China’s official August PMI, released overnight, came in at 51.4 — its highest reading in 14 months — signalling a durable re-acceleration in Chinese manufacturing activity. Because China consumes roughly 55% of global refined copper annually, any upside surprise to its industrial output has an outsized and near-immediate effect on the red metal. Compounding the demand signal, reports out of Lima on Thursday indicated that Antofagasta’s Centinela expansion project in Chile is running three to four weeks behind its revised commissioning schedule, trimming near-term concentrate supply expectations for Q4 2026. Together, the demand-pull and supply-push dynamics broke copper cleanly above the US$6.60/lb technical resistance level that had capped the metal since early August.
TSX and TSX-V Names in Focus
Teck Resources (TECK.B – TSX) is the highest-profile Canadian beneficiary of today’s move. Teck’s QB2 operation in Chile — one of the largest new copper mines brought online in the past decade — operates with meaningful leverage to spot prices, and analysts estimate every US$0.10/lb increase in copper adds approximately C$85–90 million to Teck’s annual EBITDA. Shares were up 2.8% in midday Toronto trading as investors rapidly repriced the earnings outlook. First Quantum Minerals (FM – TSX) also rallied sharply, gaining 3.1% on the session. The company continues to rebuild Cobre Panama optionality into its NAV story, and higher spot copper directly lifts the value of its Zambian and Australian operating assets in the interim. On the junior side, Kodiak Copper (KDK – TSX-V) — advancing its MPD porphyry project in British Columbia’s prolific Quesnel Trough — gained 6.4%, reflecting the amplified torque that exploration-stage companies carry to base-metal price moves.
Analyst Price Targets and Research Calls
BMO Capital Markets reiterated its Outperform rating on Teck Resources this week with a 12-month price target of C$78.00, citing QB2 ramp-up execution and copper’s structural deficit trajectory through 2028. Scotiabank’s metals and mining desk, in a note published August 25, raised its copper price deck for H2 2026 to US$6.50/lb (from US$6.10/lb), arguing that the energy-transition demand super-cycle is absorbing supply additions faster than consensus models projected. RBC Capital Markets carries a C$24.00 target on First Quantum, flagging that a sustained move above US$6.50/lb copper could drive meaningful free cash flow upgrades into 2027.
| Commodity | Price (USD) | Price (CAD) | Change |
|---|---|---|---|
| Copper | $6.6730/lb | $9.25/lb | +1.31% |
| Gold | $4,588.30/oz | $6,358.07/oz | -0.46% |
| WTI Crude | $83.21/bbl | $115.32/bbl | -0.38% |
| Natural Gas | $2.87/MMBtu | $3.98/MMBtu | -1.41% |
The technical picture supports further upside in the near term. Copper’s break above US$6.60/lb — a level that had acted as resistance on four separate intraday tests this month — opens a path toward the US$6.85/lb area, which corresponds to the July 2026 swing high. For Canadian investors, the currency tailwind is notable: with the loonie holding near 1.3854 against the USD, commodity revenues reported in Canadian dollars remain elevated, providing an additional cushion for TSX-listed producers even on days when spot prices consolidate.
