Copper Prices Hold Above $14,400 Amid Supply Concerns
Copper prices have remained above $14,400 per tonne on the London Metal Exchange (LME), nearing this month's record of $14,875. The price stability is attributed to ongoing supply concerns in the industry.
The Centinela mine in Chile, owned by Antofagasta, has seen workers from two unions reject a final contract offer, triggering a mandatory mediation period before a possible strike. Similarly, wage negotiations at BHP's Escondida mine have been delayed due to a fatal accident on site.
Data from the International Copper Study Group (ICSG) shows that mine output in July was an annualized 23 million tonnes, while refined demand reached 29 million tonnes and supply stood at 28.4 million tonnes, indicating a deficit of 0.6 million tonnes per year.