Copper prices in the United States have declined following a reduction in tariffs, with new measures applying duties only to semi-finished copper products, excluding refined copper and ore. This adjustment has realigned U.S. copper prices closer to global benchmarks, as noted by market analysts. Concurrently, copper prices have experienced gains due to supply concerns after a fatal accident at Chile's El Teniente mine, which accounts for a quarter of Codelco's output. Operations at the mine have been suspended, with over 4,000 personnel inspecting the affected area. The accident has led to daily losses estimated at up to $9 million. Chilean authorities have designated a special investigative team to examine the incident. Labor unions have called on the Chilean president to provide pensions to the families of the deceased and to reconsider subcontracting practices. Codelco has denied reports of dismissals of injured workers following accusations by a senator. André Sougarret, involved in the response, emphasized the need to review the mine's development plan in light of the accident. The incident has introduced supply-side uncertainties that analysts expect will stabilize global copper price spreads as trade flows adjust.
Codelco descarta despido de trabajador herido en derrumbe tras denuncia de senadora Sepúlveda https://t.co/r4azJYgEiX
Copper Rises on Chile Mine Disruption Amid Tight Supply Outlook Copper gains in early Asian trade. New supply-side issues likely pushed up prices, says ANZ Research analysts in a note, citing suspended operations at Chilean mine El Teniente after a tunnel collapse. The mine https://t.co/BAyINesTJL
Sernageomin paraliza operaciones en El Teniente y más de 4 mil personas inspeccionan "zona afectada" https://t.co/RYU65RrQRB