Copper Gains on Supply Disruptions

Copper futures climbed toward $6.70 per pound on Monday, moving closer to record highs as ongoing supply disruptions bolstered prices. In Chile, the world’s leading copper producer, two workers died on Sunday after a snow avalanche struck Codelco’s massive El Teniente mine, where open-pit operations had already been suspended due to adverse weather conditions. Meanwhile, a strike at Antofagasta’s Centinela mine is expected to reduce output from one of the world’s largest copper operations during the second half of October. On the demand front, surging orders linked to data centers, semiconductor development, and battery storage for AI technologies and electric vehicles across Asia continued to strengthen the outlook for copper. The metal also gained support from falling oil prices, which could ease inflationary pressures and reduce the need for aggressive monetary tightening by the US Federal Reserve.