Austrian investor rushes to boost copper production at old Chile mine
Striking unions and Centinela copper mine restart negotiations
RBC Capital Markets says base-metal equities remain attractively valued despite copper reaching record levels, with shares pricing in a much lower metal price than the current market price. Copper averaged $6.41 a pound in the third quarter, up 6% from the previous quarter and 44% year-on-year, after reaching a record closing price of $6.74 on 8 September.
Two unions at Chile's Centinela copper mine rejected further contract talks with Antofagasta Minerals on Wednesday and decided to strike after government-mediated negotiations failed to produce a deal.
A Panamanian government commission will recommend to President Jose Raul Mulino on Wednesday to restart the suspended Cobre Panama mine, two sources familiar with the matter said, proposing a state partnership with Canada's First Quantum Minerals.
Copper's record-breaking rally is often attributed to the prospect of U.S. tariffs, but Frank Holmes, chief investment officer of U.S.
Gangs raiding copper trains across Chile's remote Atacama Desert are growing bolder and more tactically sophisticated, breaching anti-theft protections that had worked for years, miner Antofagasta Plc warned in a memo reviewed by Reuters.
Copper's physical market is showing signs of an increasingly severe supply squeeze even as mining equities remain cautious, according to RBC Capital Markets. Spot copper advanced 4.3% to US$6.73/lb over the week while copper equities fell 2.6%, widening the disconnect between the commodity and producers.
Copper has spent 2026 rewriting its own history books. In early August, the metal pushed above $14,300 per tonne on the London Metal Exchange, a fresh all-time high extending a rally few expected to run this far, this fast.
The price premium between U.S. COMEX copper futures and London Metal Exchange prices is becoming a real-time gauge of potential tariffs on refined copper. Societe Generale estimates that the current premium implies a 14.6% chance of a 15% tariff in January 2027 and a 37% chance of a 30% duty in January 2028.
Copper hit a record high, but the rally appears to reflect tight supply and disruptions more than a broad acceleration in global growth. Electrification, power-grid investment and AI-related infrastructure are supporting demand.
Most junior miners follow a familiar script. Find a deposit, drill it for years, publish a study with a headline-grabbing net present value, then discover nobody will fund the £300 million construction bill.