Archive · 8 Oct 2026
Copper Edges Higher as Chile Mine Strike Raises Supply Risks
Copper prices rose a little on Wednesday.
Workers at a copper mine in Chile began a strike, raising concerns that less copper might be produced.
The unions said the strike could affect output in about two weeks, but the mine’s operator said its production forecast had not changed.
Workers at another large Chilean mine were also in wage talks after voting to strike.
A stronger US dollar and falling stock markets kept copper’s price from rising more.
Traders are also watching to see whether the United States keeps building up copper supplies.
China’s return to business after a holiday may offer clues about how much copper it wants.
London Metal Exchange copper futures rose 0.4% to settle at $14,475.50 a metric ton Wednesday.
Two unions at Antofagasta’s Centinela mine began a strike and said output could be affected within about two weeks.
The unions said mine movement and development had largely stopped, although feed to processing plants continued; Antofagasta said projected production was unchanged.
Supervisors at BHP’s Escondida mine remained in government-mediated wage talks after voting for a walkout.
A stronger US dollar and weaker global markets limited copper’s gains, while traders assessed US stockpiling and awaited signals from China.
- Who
- Two unions at Antofagasta Plc’s Centinela mine; copper traders and market participants.
- What
- The unions began a strike, adding to supply concerns as copper prices edged higher.
- When
- The strike began Wednesday; the unions said output could be affected within about two weeks.
- Where
- Centinela mine in Chile.
- Why
- The labor action adds to concerns about copper supply amid other mine disruptions.
Supply Concerns
Factors Limiting the Rally
Mine supply outlook
Supply Concerns
Union members said the Centinela strike could affect output within about two weeks, and labor tensions at other mines add to supply concerns.
Factors Limiting the Rally
Antofagasta said its projected production remained unchanged, and Centinela continued feeding its processing plants.
Copper market outlook
Supply Concerns
Resilient Chinese demand and significant mine disruptions support a tighter supply outlook, according to Morgan Stanley analyst Amy Gower.
Factors Limiting the Rally
Gower said she was more neutral on LME copper after its recent catch-up to Comex, and a slowdown in US stockpiling could make the market feel looser.
- Copper settlement
- LME benchmark futures rose 0.4% to $14,475.50 per metric ton Wednesday.
- Strike participants
- Two unions at Antofagasta Plc’s Centinela mine.
- Potential output impact
- The unions said copper output could be affected within about two weeks.
- Centinela operations
- The unions said feed to processing plants continued, while much mine movement and development stopped.
- Company forecast
- Antofagasta said projected production remained unchanged.
- Escondida labor talks
- Supervisors at BHP Group’s Escondida remained in government-mediated wage talks after voting for a walkout.
- Market factors
- A stronger dollar and weakness in global markets tempered copper’s gains.
- China demand signal
- China was due to reopen Thursday after a weeklong holiday.