Copper firms with focus on supply developments in Chile
FCX•Copper prices rose as supply concerns in Chile, the world’s top producer, drew attention to disruptions at key mines. LME copper gained 0.7% to $14,673.50 a metric ton, while the most-traded Shanghai contract rose 0.4% to 111,330 yuan.
1. Chile supply concerns
The supervisors’ union at BHP’s Escondida mine said it would begin a strike on Wednesday after mediation efforts to reach a new collective labour contract failed. At Centinela, two striking unions returned to negotiations on Tuesday in an effort to resolve a week-long work stoppage.
2. Mine disruption and inventories
Codelco partially suspended operations at its El Teniente mine after a fatal landslide. Copper inventories outside the United States have tightened as metal was shipped into the country ahead of potential tariffs.
3. Other metals
LME aluminium rose 0.2%, zinc gained 0.4%, lead was flat, nickel added 0.5% and tin fell 0.1%. The International Nickel Study Group said the global nickel market is set to end 2026 in a slight surplus, reversing its deficit forecast from six months earlier, with oversupply expected to widen next year.
