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Copper prices fluctuate amid potential Chilean mining strikes
Copper prices have experienced volatility, closing at US$ 6.50 per pound on the London Metal Exchange, marking a 1.05% decrease. This follows a recent period of price corrections from highs seen in late September.
Market stability is currently being influenced by potential supply disruptions in Chile. Workers at the Centinela mine, operated by the Luksic Group, have rejected a wage offer, signaling a possible strike. This development is significant as Chile produces approximately 27% of the world's copper supply.
Analysts at Deutsche Bank suggest that these supply constraints could drive prices significantly higher, with estimates predicting a potential increase of over 50%, potentially exceeding $22,000 per ton within the next six months. Meanwhile, London Metal Exchange inventories have shown a decline, falling by 1,325 tons to 248,075 tons.
Entities
Antofagasta · Antofagasta · BHP · Centinela Mine · Cochilco · Deutsche Bank · Escondida mine · London Metal Exchange
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Copper inventories in London decreased by 1,325 tons to 248,075 tons between September 30 and October 1. www.diarioelpulso.cl
- [○ 1 SOURCE] Copper prices fell 1.05% compared to the previous session. www.diarioelpulso.cl
- [○ 1 SOURCE] Copper prices closed at US$ 6.50 per pound on the London Metal Exchange. www.diarioelpulso.cl
- [○ 1 SOURCE] Workers at the Centinela mine in Chile rejected a wage offer, raising the risk of a strike. mineriaenlinea.com
- [○ 1 SOURCE] Copper prices maintained a level above $14,400 per ton. mineriaenlinea.com