Copper Jumps as Chinese Markets Reopen
Copper futures climbed toward $6.7 per pound on Thursday, extending gains for the week as Chinese traders returned from a week-long holiday in a more optimistic mood. Strong earnings from South Korean chipmaker Samsung Electronics also boosted market sentiment, signaling solid spending on the global AI infrastructure buildout, which could support copper demand. On the supply side, Chilean production faced potential disruptions after two unions at Antofagasta’s Centinela project began industrial action on Wednesday and warned that the strike could start affecting output within roughly two weeks. Chile recently reported that copper production fell in August to its lowest level since February 2011. Meanwhile, the Trump administration has yet to decide whether to impose potential tariffs on refined copper. Earlier threats of US duties on refined metals prompted traders to redirect shipments toward American warehouses, contributing to the recent surge in copper prices.
7 per pound on Thursday, extending gains for the week as Chinese traders returned from a week-long holiday in a more optimistic mood. Strong earnings from South Korean chipmaker Samsung Electronics also boosted market sentiment, signaling solid spending on the global AI infrastructure buildout, which could support copper demand. On the supply side, Chilean production faced potential disruptions after two unions at Antofagasta’s Centinela project began industrial action on Wednesday and warned that the strike could start affecting output within roughly two weeks. Chile recently reported that copper production fell in August to its lowest level since February 2011.
Meanwhile, the Trump administration has yet to decide whether to impose potential tariffs on refined copper. Earlier threats of US duties on refined metals prompted traders to redirect shipments toward American warehouses, contributing to the recent surge in copper prices.