Copper futures rose toward $6.70 per pound on Thursday, extending this week’s gains as Chinese traders returned from a week-long holiday in a more upbeat mood. Sentiment was further lifted by strong earnings from South Korean chipmaker Samsung Electronics, which signaled robust investment in global AI infrastructure and, in turn, supported the outlook for copper demand.
On the supply side, risks intensified in Chile after two unions at Antofagasta’s Centinela mine launched industrial action on Wednesday and warned that the strike could begin to hit output within about two weeks. Chile recently reported that its copper production in August fell to the lowest level since February 2011.
Meanwhile, the Trump administration has yet to decide whether to impose tariffs on refined copper. Earlier threats of US duties on refined metals had already prompted traders to divert shipments to American warehouses, a move that has contributed to the latest surge in copper prices.
