Copper prices stable as supply risks from Peru mount
Copper prices on the London Metal Exchange (LME) remained stable as investors weigh potential supply disruptions from Peru, according to brokers.
Three-month copper contracts on the LME were priced at USD 9,975 per tonne, marginally up from USD 9,974 at the close of the previous session. On COMEX in New York, copper traded at USD 4.6390 per pound, down 0.11%, while on the Shanghai Futures Exchange (SHF), prices rose slightly by 0.09% to 80,010 yuan per tonne.
Investors are closely monitoring Peru, where ongoing political protests and road blockades have disrupted operations at copper mines and smelters. Hudbay Minerals Inc. announced it is halting production at its Constancia copper mine due to these protests. The company stated that it intends to use the downtime for maintenance work and to accelerate planned activities later this year.
A few days ago, Evertiq reported on developments at Indonesia’s Grasberg mine, where Freeport-McMoRan suspended underground operations after an incident trapped several workers. That event briefly pushed copper prices higher. Together, the situations in Grasberg and Peru underline ongoing risks to global copper supply and show how sensitive the market remains to disruptions at major mines.
