Deadly storms and a global supply squeeze are sending copper prices soaring
📰 source: cnbc_topnews · 💼 business
deadly storms across chile killed 13 people and disrupted major copper mines, adding to a global supply squeeze that has pushed prices near record highs. chile produces more than a fifth of the world's copper. antogagasta halted processing at los pelambres, lundin suspended caserones and may take two to three weeks to restart, and barrick evacuated employees. copper hit $6.70 per pound, or $13,643 per metric ton, on june 2; lme three-month now trades around $13,750. strategists say the storm impact is temporary but amplifies risks. ing's ewa manthey said any prolonged outages could support prices. stonex's natalie scott-gray noted chile cut its 2025 output forecast by 2% to 5.3 million tonnes, expecting a second year of decline. she added that 64% of visible global inventories sit in the u.s., with lme and shfe stocks below five-year averages. tariff uncertainty over section 232 and china's scrap crackdown have tightened supply. anglo american's ceo duncan wanblad called copper fundamentals "very, very bullish" as the firm reported a 35% jump in first-half ebitda to $4 billion. scott-gray said another record high is possible, though chinese buying may ease in august.
why it matters: chile's storm-hit copper mines tighten global supply, pushing prices toward records and raising costs for evs, ai data centers, and appliances.
source: cnbc_topnews
sentiment: +0.60 · impact: 0.65