Copper held above $14,400 a tonne in London on Tuesday after workers at Antofagasta’s (LON: ANTO) Centinela mine in Chile voted to strike, adding a potential supply disruption to an already tight market.
Three-month futures rose 0.2% to $14,446 a tonne on the London Metal Exchange at 12:50 p.m. local time. The metal is on track for a third consecutive monthly gain, up about 9% in September after reaching a record $14,875 earlier in the month.
Workers in two unions at Centinela rejected the company’s final contract offer on Monday . The vote opens a mandatory mediation period before a walkout could begin.
Wage talks at BHP’s (ASX: BHP) Escondida, the world’s largest copper mine, were also delayed following a fatal accident.
Supply squeeze Large volumes of refined copper have accumulated in US warehouses as traders anticipate a possible import tariff. That stockpiling has reduced the metal readily available to buyers elsewhere, while China’s Yangshan import premium, a gauge of demand for overseas copper, is near its highest level since 2022.
Deutsche Bank expects copper to climb to about $22,000 a tonne by the second quarter of 2027 if competition for available supplies intensifies.
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