Copper futures trade near $6.70 as Escondida shutdown tightens supply

  • BHP suspended operations at Chile's Escondida copper mine after a worker died in an accident.
  • Copper futures traded near $6.70 per pound against a $6.80 record high.
  • Chinese refineries scheduled maintenance as US manufacturing activity strengthened in September.

US copper futures traded near $6.70 per pound, close to the record $6.80 reached on September 8, as supply disruptions and electrification demand supported prices. BHP suspended operations at Chile's Escondida mine, the world's largest copper mine, after a worker died in an accident, with no restart timeline announced. The shutdown raises strike risks while unions negotiate contracts with BHP and comes as several Chinese refineries plan maintenance early in the fourth quarter. The LME prompt spread (near-term versus later delivery prices) reached its widest level of the month. Stronger US manufacturing activity in September and rising orders for electrification projects, including US data centers and China's energy-storage infrastructure, also supported demand.

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