Copper Prices Hold Steady Amid Mine Disruptions and Supply Risks
Copper prices remain steady after a recent expansion at El Teniente mine was suspended due to seismic risks. The Democratic Republic of Congo has also banned copper and cobalt concentrate exports, increasing global supply risk.
The ban on copper and cobalt concentrate exports in the DRC will further constrain copper output, as Chile's state-owned company Codelco has suspended its Andes Norte expansion at El Teniente mine. Ongoing mine outages and sulfuric acid shortages in both countries continue to disrupt production.
Copper is expected to trade between $6.4763 and $6.8483, with technicals favoring a bounce despite recent short-term weakness. Analysts predict a 59% probability of copper breaking above resistance and a 41% chance of further downside.