Copper Prices Supported by Supply Concerns
Copper futures held above $6.6 per pound on Thursday, remaining close to record highs as tightening global inventories and persistent supply risks in top producer Chile continued to support prices. Development at the Andes Norte section of Codelco’s flagship El Teniente mine could remain suspended for as long as two years, adding to supply tightness ...
Copper prices remained above $6.6 per pound on Thursday, nearing record highs, as global inventories tightened and supply risks persisted, particularly in the leading producer, Chile. Development at El Teniente, the flagship mine of Codelco, the world's largest copper producer, might be halted for up to two years, further tightening supplies in the global copper market.
In the mining sector, companies are extending their operations deeper underground due to depleted ore bodies, facing increased geotechnical challenges similar to those El Teniente is encountering. Analysts also expressed concern about a potential short-term squeeze on the London Metal Exchange, fueled by limited on-warrant inventories, declining visible stockpiles in China, and strong US purchases ahead of a possible tariff announcement.
Notably, over 200,000 tons of copper entered US ports in July, the highest monthly inflow in over a decade, according to Trading Economics data.
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