The collapse of Chile's largest copper mine triggers a chain reaction, tightening global supply and leading to two consecutive increases in copper prices
The El Teniente copper mine, owned by Codelco, experienced a tunnel collapse due to an earthquake, resulting in six fatalities and a production halt, with all underground operations in the mining area fully suspended. The mine accounted for a quarter of Codelco's total output in 2023, and the impact of the shutdown on annual targets remains unclear. As a result, copper prices on the London Metal Exchange have risen for two consecutive days, with increased market concerns over the stability of copper supply. The global copper smelting industry is facing resource competition, with some smelters reducing or halting production, while prices of other metals have also risen due to a weakening dollar
