Chile Storms Push Copper Prices Toward Record High

Copper prices are poised for further gains as severe winter storms disrupt mining operations in Chile, adding fresh supply risks to an already strained market.

The storms have claimed 13 lives and disrupted operations at several major mining companies, including Anglo American, Antofagasta, Lundin Mining, and state-owned Codelco.

Lundin Mining said it could take two to three weeks to fully restart operations at its Caserones mine after heavy snowfall damaged power lines, forcing the company to halt production on July 18.

Copper prices have surged over recent years, reaching a record high of $6.70 per pound, or $13,643 per metric ton, on June 2 as concerns over tightening global supplies intensified.

Natalie Scott-Gray, senior metals demand strategist at StoneX, said uncertainty surrounding potential US tariffs under Section 232 and tighter Chinese restrictions on the copper scrap market have added further pressure to global supplies.