Video News/Digging Deep

U.S. copper stockpiling is reshaping global supply flows and putting pressure on China's inventory position, according to Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company. Speaking with Kitco Mining's Digging Deep on October 22, 2026, Ecclestone said copper dominated discussions at LME Week as Washington's push to secure strategic metals intensified. He pointed to Mercuria's delivery of 12,000 tonnes of copper into the U.S. Project Vault stockpile, arguing that copper's widespread industrial importance makes it a more consequential geopolitical chokepoint than rare earths. Ecclestone also questioned whether Argentina's RIGI mining incentives are delivering sufficient benefits to domestic suppliers, criticizing imports of basic construction materials from China and warning of potential political backlash. In Arizona, he highlighted renewed copper development activity, including Hudbay and Mitsubishi's Copper World investment decision and Faraday Copper's San Manuel acquisition, while cautioning that U.S. political uncertainty remains a consideration for major miners. He also discussed proposed tungsten futures, tokenized gold and mining investment challenges in Peru and Chile. SPONSORED BY KALSHI Trade the first CFTC-regulated gold and silver perpetuals in the U.S., 24/7, with no expiration date. Exclusive Kitco offer: trade $50 and get $25 free with code KT2026. (https://kalshi.com/p/KT2026) Availability varies by jurisdiction. Not available in Canada. Offer terms and eligibility apply.