<p>Copper plays a critical role in the clean energy transition, and geopolitical disruptions increasingly affect its supply chain, making it essential to understand how geopolitical risk is transmitted across different segments of the copper supply chain. This paper examines how geopolitical risk affects upstream, midstream, downstream, and recycling segments of the copper supply chain. Using global daily data from January 1, 2023, to December 31, 2025, we apply a time-varying parameter local projection model to analyze the dynamic responses of price indicators across different supply chain segments. The results show that the midstream segment exhibits the strongest response to geopolitical risk, the upstream segment the weakest response, and the recycling segment the fastest adjustment, which reflects clear structural heterogeneity across the supply chain. The findings further indicate that geopolitical acts generate stronger, more immediate, and more stable effects across supply chain segments, whereas geopolitical threats produce more delayed and uncertain responses. In addition, the duration of risk exposure plays a critical role in shaping the transmission of shocks across the copper supply chain. While contemporaneous shocks mainly lead to positive responses across segments, accumulated geopolitical risk produces a pattern in which responses initially increase and subsequently decline, and the negative effects become stronger as the duration of risk accumulation increases. These findings show that geopolitical risk affects different segments of the copper supply chain in systematically different ways, and they provide important implications for monitoring risks across supply chain segments and designing targeted policy interventions.</p>