Copper prices advanced for a third consecutive session on Tuesday, driven by persistent concerns over supply shortages that kept the metal near all-time highs. Benchmark three-month copper on the London Metal Exchange (LME) rose 0.1% to US$14,636.50 per tonne as of 0915 GMT, remaining close to the record US$14,875 reached last month. Supply disruptions continued to support prices following Chile's Codelco partial suspension of operations at its El Teniente mine due to a landslide.
Additionally, Antofagasta's Centinela copper mine remained the subject of strike action, with the company and two unions set to resume talks. Sucden Financial noted that copper continues to benefit from physical-market tightness and declining exchange inventories, allowing the metal to withstand a firm dollar better than other commodities in the complex. The US dollar took a breather on Tuesday but remained near an 18-month high, which typically pressures dollar-denominated metals.
According to Panmure Liberum analysis, all reported copper mine disruptions for 2025–26, including operations at Indonesia's Grasberg mine and Kamoa-Kakula in the Democratic Republic of Congo, amount to 350,000–400,000 tonnes per year of contained copper. This represents only 30%–50% of published disruption allowances, suggesting that speculative and financial factors may be the dominant price driver. LME copper stocks declined by 1,625 tonnes to 232,275 tonnes, with inventories outside the United States remaining tight.
The cash LME copper contract traded at a US$181.50 premium to the three-month forward contract, indicating scarce near-term availability. Other base metals showed weakness on Tuesday. Aluminium fell 0.6% to US$3,035.50 per tonne, near the eight-month low touched on Monday.
Panmure Liberum attributed the decline to easing passage restrictions in the Strait of Hormuz, which has reconnected Gulf smelters to global markets. New supply from Indonesia is also ramping up, with exports exceeding 150,000 tonnes in August. Zinc declined 0.4% to US$3,741.50 per tonne.
Lead gained 0.6% to US$1,894.50, while nickel remained flat at US$15,620 and tin eased 0.2% to US$53,000. Source: Reuters, Mining.com.au (13 October 2026)
Source: mining.com.au