Copper prices were nearly unchanged, with dollar strength offsetting supply concerns in Chile. LME copper was little changed at $14,628 a metric ton, while BMI raised its 2026 average price forecast to $13,500 from $12,700 per ton.
Three-month copper on the London Metal Exchange was little changed at $14,628 a metric ton by 0700 GMT, after reaching a two-week high in the previous session. The most-traded Shanghai copper contract rose 0.2% to 110,990 yuan a ton.
A strong dollar, hovering near an 18-month high, countered concerns about supply in Chile. Codelco partially suspended operations at its El Teniente mine after a landslide, and talks were set to resume between Antofagasta's Centinela copper mine and two unions as a strike continued. Copper inventories outside the United States have declined in recent months as shipments were diverted to the country ahead of potential tariffs on refined copper imports.
BMI raised its average copper price forecast for 2026 to $13,500 per ton from $12,700, citing tariff-related market distortions and persistent supply constraints. BMI said prices were set to oscillate sharply for the rest of the year in response to tariff-policy headlines, with the eventual US decision likely to dictate near-term direction.
