Global copper market supply and price volatility
The developments in this story so far, most recent first.
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Development
Copper Prices Rise on Chile Storms and US Tariff Fears
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· date approximate Background
Lundin Mining suspended operations at its Caserones mine due to power line damage from heavy snowfall.
On July 18, 2026, Vancouver-based Lundin Mining suspended operations at its Caserones mine located in the northern Atacama region of Chile. The suspension was triggered by heavy snowfall that caused damage to the power lines serving the facility.
The disruption occurred amidst deadly storms in Chile that brought heavy snow, high winds, and flash flooding across South American nations. Following the damage, Lundin Mining indicated that it could take two to three weeks to restart operations at the Caserones mine.
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· date approximate Background
Copper prices hit an all-time high of $6.70 per pound on June 2.
Copper prices reached an all-time high of $6.70 per pound, or $13,643 per metric ton, on June 2. The price surge occurred amid signs of growing supply tightness and disruptions to mining operations in Chile caused by deadly storms.
The market was also facing factors such as uncertainty over potential US Section 232 tariffs and China's crackdown on scrap copper availability. Additionally, commodity strategists noted that a stronger-than-usual El Niño, bringing both floods and drought, had the potential to affect copper mining operations.