Copper Tracker Gains 0.9% as Escondida Strike Pauses | Copper, Oct 5
Copper’s US-listed tracker rose 0.86% on Monday as a strike at Chile’s Escondida mine was put on hold for talks. See the board and what to watch. The post Copper Tracker Gains 0.9% as Escondida Strike Pauses | Copper, Oct 5 appeared first on The Rio Times .
Copper prices rose slightly on Monday as a planned strike at BHP's Escondida mine in Chile was temporarily halted. Escondida is the world's largest copper mine, accounting for about 23% of global mine output in 2025. The CPER fund, which holds copper futures and trades in New York, gained 0.86% to US$39.86, while Freeport-McMoRan increased 0.78% to US$72.60.
The positive move was attributed to labor news in Chile; the strike was put on hold while talks with supervisors at Escondida ran for five working days, mediated by Chile's labor inspectorate. If the negotiations fail, the market would need to reassess the impact of the strike. Copper futures prices climbed about 1% in New York trading, but the exact level was not specified.
Chile's currency, the peso, also appreciated by around 2% after the government announced it would sell dollars. BHP, the operator of Escondida, and Freeport-McMoRan are the primary US-listed copper producers in Latin America. The upcoming mediation result will determine the market's next move; if a deal is reached within the five-day window, it could help stabilize copper prices.
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