Copper Holds Steady as Codelco to Restart Operations

Copper futures held around $4.46 per pound on Monday after Codelco received authorization from Chile’s labor inspectorate over the weekend to begin resuming certain operations at its flagship El Teniente mine. The state-owned miner had suspended operations for more than a week following a deadly collapse that killed six workers, tightening global supply as El Teniente is the world’s largest underground copper mine. Still, copper prices remain near four-month lows after plunging more than 20% in late July when President Donald Trump excluded refined copper from new tariffs. The levies will instead target imports of semi-finished copper products such as wires and pipes, while sparing ore, cathodes, and concentrates — among the most widely imported copper forms in the US.