Los Pelambres Mine Supply Boosts Pressure on Copper Prices
Copper prices are under pressure due to increased supply from the Los Pelambres mine, which has resumed operations. The mine's restart is attributed to a 27% rise in Antofagasta's first-half 2026 EBITDA, according to Directorstalkinterviews.
The higher copper prices and production resumption at Los Pelambres have contributed to stronger profitability for the company during the period. However, this increased supply is putting downward pressure on copper prices, which are currently trading at $6.5878.
Technical analysis suggests that copper may trade in a range between $6.5389 and $6.6367 over the next two to three sessions, with a 61% likelihood of a downward move and a 39% chance of an upward breakout. The immediate support level is at $6.585, which traders should monitor closely.