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Codelco, the world’s largest copper producer, halted operations at its El Teniente mine following a tunnel collapse on July 31 that killed six workers and injured nine. The shutdown is expected to cut copper output by approximately 30,000 metric tons per month, which is about a quarter of Codelco’s production.
In market developments, copper prices increased with the most actively traded COMEX futures rising by 0.8% to $4.4115/lb ($9,7053 per tonne) as of 10:40 a.m. ET. The London Metal Exchange saw copper settling 0.4% higher at $9,676 per tonne. This price rise follows strong trade data from China, which reported a 7.2% increase in exports in July, alongside robust copper imports of 480,000 tons in June, the highest level this year.
With 5,000 workers reassigned to inspect equipment, Codelco is seeking regulatory approval to partially restart operations in unaffected areas of the mine while an investigation into the incident is ongoing.
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