Stocks Market
Copper Prices Surge as Chilean Supply Constraints Push Prices to New Heights
Copper futures kept climbing on Thursday, buoyed by shrinking global inventories and persistent supply‑risk signals from Chile, the world’s top copper producer. Prices traded around $6.81 per pound, up nearly 1.2% in a single session and up more than 9% over the past month. The market anxiety stems mainly from the El Teniente mine, operated by Chile’s state-owned Codelco, where production may be halted for up to two years. Combined with the gradual depletion of older mines worldwide, the tightening outlook is reinforcing bullish pressure on copper and related commodities.
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Market Overview
Copper futures are trading at approximately $6.81 per pound, a gain of about 1.2% during Thursday’s session. Over the past week the metal is up 5.07%, while the one‑month rally stands at 9.26%. Since the start of 2026, the price surge totals 19.72%.
Supply‑Side Pressures from Chile
The principal driver behind the price rally is the ongoing uncertainty surrounding the El Teniente mine, Chile’s flagship operation run by the state‑owned group Codelco. Production at the mine could be suspended for as long as two years, tightening global copper supplies.
More broadly, many mature copper deposits are nearing exhaustion, forcing producers to move deeper underground. This shift brings heightened geotechnical challenges, similar to those already encountered at El Teniente.
London Metal Exchange (LME) Signals
Analysts on the LME note a growing risk of short‑term supply strain due to dwindling "stocks under warrant" and a decline in visible inventory in China, adding further upward pressure on prices.
US Demand Adds Momentum
In the United States, over 200,000 tonnes of copper were shipped to U.S. ports in July – the largest monthly inflow in more than a decade. The surge reflects anticipatory buying ahead of potential new tariffs.
Related News Highlights
- July 14, 2026 – Copper tops $6.37 per pound amid Chilean supply worries.
- June 24, 2026 – Precious‑metal slump rattles listed mining firms on the Casablanca Stock Exchange.
- June 3, 2026 – Trump administration adjusts tariffs on steel, aluminium and copper imports.
- May 13, 2026 – Copper reaches a fresh historic high.