Copper Prices Supported by Supply Concerns Amid El Teniente Mine Disruptions

Copper prices remain buoyed by concerns over global supply, holding steady above $6.6 per pound despite record highs.

The key driver of this support is Chile's El Teniente mine, which has seen development at the Andes Norte section suspended due to geotechnical challenges that may persist for up to two years.

This adds to supply tightness in the global copper market, where producers are extending operations deeper underground as mature ore bodies become depleted.

Meanwhile, analysts point to a growing risk of a short-term squeeze on the London Metal Exchange due to low on-warrant inventories and dwindling visible stockpiles in China.