Copper Surge Fuels Windfall for PH Miners, Higher Electricity Costs Loom

Record copper prices are set to boost profits for Philippine miners but could raise electricity costs due to high demand and limited supply.

Copper traded at about $6.77 per pound on September 10, up nearly 47% from a year earlier, while London Metal Exchange prices breached a record $14,700 per metric ton this week.

According to Bryan Ang, vice president of the Philippine Chamber of Commerce and Industry (PCCI), local copper exporters will benefit from both higher metal prices and the stronger dollar.

However, if the rally persists, it could lead to an increase in electricity costs for the Philippine power industry, which uses copper extensively in generators, transformers, cables, and other equipment.