FX.co ★ Copper Holds Near Record High

US copper futures hovered near $6.70 per pound, holding close to the record high of $6.80 reached on September 8th, amid acute global supply disruptions and strong demand driven by electrification. Operations at BHP's Escondida mine in Chile—the world's largest copper mine—were suspended indefinitely following a fatal accident, heightening the risk of labor strikes as union members were already engaged in contract talks with the company. The shutdown has intensified supply pressures, coinciding with planned maintenance at several Chinese refineries at the start of the fourth quarter. As a result, the copper prompt spread on the LME widened to its highest level so far this month. At the same time, US manufacturing activity jumped in September, signaling robust demand for the metal. Longer-term support for copper prices is reinforced by surging orders linked to global electrification, including data center build-outs in the United States and energy storage infrastructure expansion in China.