Copper’s future supply balance has been hit with a one-two punch over the last couple of weeks, as First Quantum’s $10 billion Cobre Panama mine has been ordered to cease operations with immediate effect and mining giant Anglo American has announced production cutbacks to the tune of 200,000 tons per year. The surprise removals from future supply total 600,000 tons of copper in a market of around 27 million tons. A surplus of 200,000 tons had previously been expected in 2024, which would grow further in 2025. Now the immediate supply and demand balance is much more fraught. The Cobre Panama mine – projected to output 1% of global mined supply once operational – has been experiencing significant delays due…