Copper Steadies Amid Supply Concerns

Copper steadied around $6.25 per pound on Monday after experiencing sharp volatility last week, as persistent supply concerns continued to offset demand-side uncertainties. A powerful storm in top producer Chile disrupted operations at several copper mines and ports across central Chile, prompting major miners including Codelco, Antofagasta, and Anglo American to activate safety protocols. Meanwhile, Antofagasta reported that first-half copper production fell 9.5% to 285,000 tonnes due to weaker output at two key mines. BHP also warned that its Chilean copper production is expected to decline next year, while the IEA flagged tightening sulphuric acid supplies as a result of the escalating Middle East conflict. In the latest developments, the US military carried out fresh airstrikes against Iran after three American service members were killed, while Tehran said it intercepted four vessels transiting the Strait of Hormuz.