FX.co ★ Copper Steadies Amid Supply Concerns

Copper futures remained steady around $4.56 per pound on Monday, following a slight dip last week, buoyed by the anticipation of a tightening supply. Chilean state-owned mining company Codelco disclosed that its major operation, El Teniente, may face delays in returning to full capacity after a fatal tunnel collapse in July. Earlier, the company had forecast a shortfall of 33,000 tons for this year. Nevertheless, Chile anticipates a rise in national production for both 2024 and 2025, targeting a record output of 6 million tons by 2027, despite challenges at Codelco and interruptions at Teck Resources. Meanwhile, recent production figures showcased resilience, with Codelco reporting a July output of 118,500 metric tons, marking a 6.4% increase from the previous year. Furthermore, BHP's Escondida mine produced 114,800 metric tons, reflecting a 7.8% increase.