Copper Prices Rise on Supply Disruption Concerns at Major Chilean Mines

Copper prices have risen due to concerns over supply disruptions at major Chilean mines. The Escondida mine, operated by, has suspended operations after a fatal accident. This comes as Chilean copper output fell 9.4% in July, with Codelco production declining 5% year-on-year to 112,800 tonnes and Escondida output dropping 22.1% to 89,400 tonnes.

Meanwhile, Peru's copper production provided some offset, rising 3.7% year-on-year to 236,515 tonnes in July. However, Chilean copper production is expected to decline around 2.5% in 2026 before recovering next year, according to Cochilco forecasts.

The global refined copper market recorded a 51,000-tonne deficit in July, narrowing from a 74,000-tonne deficit in June. China's unwrought copper and product imports declined to 382,000 tonnes in August from 425,000 tonnes in July, while January-August imports fell 6.7% year-on-year to 3.30 million tonnes.