Codelco Abandons Copper Growth Target Amid Mine Setbacks

LME base metals traded mixed on August 12, with aluminium recording the sharpest decline. The metal fell by 1.58% to $3,311 per tonne, while zinc gained 0.75% to reach $3,757 per tonne and nickel rose 0.70% to $16,948 per tonne.

Copper slipped 0.18% to $14,132 per tonne, but lead edged higher by 0.16% to $1,910 per tonne.

In related news, Chile's Codelco has abandoned its target of reaching 1.7 million tonnes of annual copper production by 2030 due to mine setbacks and project delays.

The company produced about 1.33 million tonnes in 2025, which could tighten the medium-term global supply outlook and provide support to copper prices.