Copper Prices Supported by Supply Concerns

2026-08-06 03:57 By Jam Kaimo Samonte 1 min. read

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 in the global copper market.

Across the mining industry, producers are extending operations deeper underground as mature ore bodies become depleted, exposing them to greater geotechnical challenges like those affecting El Teniente.

Meanwhile, analysts flagged an increasing risk of a short-term squeeze on the London Metal Exchange, driven by scarce on-warrant inventories, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement.

Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade.



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