Copper prices rose on Monday to their highest level in more than 16 months, supported by concerns over supply from top producer Chile and major supplier Indonesia.
Three-month copper on the London Metal Exchange was up 0.4 per cent at $10,760 per metric ton, as of 0414 GMT, hitting its highest point since May 2024 and extending gains to a fourth session.
Miner Freeport said on Sunday that five workers who had been missing following a mud flow disaster at the Grasberg copper and gold mine in Indonesia were found dead.
As the world’s second-largest copper mine, Grasberg accounts for 3 per cent of global concentrate production.
Analysts estimate the disruption could result in a loss of 591,000 tons of copper output between September 2025 and the end of 2026, prompting Goldman Sachs, Citi, and Bank of America to raise their price forecasts.
“Bullish momentum in copper continued, with prices spiking to $10,700/t. Investors remained concerned around supply challenges in Chile and Indonesia,” ANZ said in a note.
“Mine supply challenges, along with China’s anti-involution drive, are impacting refined copper production growth.”
Chile’s output fell 9.9 per cent year-on-year in August after an accident at Codelco’s flagship mine on July 31.
Elsewhere, the Trump administration will start mass layoffs of federal workers if U.S. President Donald Trump decides negotiations with congressional Democrats to end a partial government shutdown are “absolutely going nowhere,” a senior White House official said on Sunday.
Among other London metals, aluminium was flat at $2,707 a ton, nickel eased 0.2 per cent to $15,400, lead edged down 0.1 per cent to $2,018, tin slipped 0.8 per cent to $37,155 and zinc rose 0.2 per cent to $3,038.5.
“Aluminium prices also surpassed the $2,700/t mark last week, supported by both supply concerns and strong demand as operating rates improve,” ANZ said.
Chinese markets are closed from October 1 to October 8 for the Golden Week holiday.
Published on October 6, 2025