Copper Steadies as Traders Weigh Codelco Collapse

Copper futures held around $4.40 per pound on Friday and were poised to end the week little changed, as markets assessed the fallout from the shutdown of Codelco’s largest mine in Chile following a fatal accident. The state-owned miner has requested approval from Chile’s mining regulator to restart part of its flagship El Teniente operation after last week’s collapse, which killed six workers. El Teniente is the world’s largest underground copper mine, producing more than 300,000 metric tons in 2024. Despite the stability in recent sessions, copper prices remain near four-month lows after plunging more than 20% last week, as President Donald Trump excluded refined copper from new tariffs. The levies will target imports of semi-finished copper products such as wires and pipes but will not apply to ore, cathodes, or concentrates, which are among the most widely imported copper forms in the US.