(Sept 29): Copper held above US$14,400 a tonne in London as workers at a major mining operation in Chile voted to strike after wage talks failed.

Futures remain on track for a third monthly gain, with annual wage negotiations under way at some of the world’s biggest copper producers. Workers at Antofagasta plc’s Centinela site overwhelmingly rejected the company’s final wage offer, raising the prospect of a walkout. BHP’s negotiations with unions at Escondida, the world’s largest copper mine, were earlier delayed due to a fatal accident.

Copper climbed to a record US$14,875 earlier in September and is headed for a monthly advance of about 9%, with physical markets showing signs of tightness. Vast amounts of refined material have been stockpiled in US warehouses on the expectation that the Trump administration will introduce a tariff on imports.

Deutsche Bank AG has said that it sees prices surging by more than 50% to above US$22,000 a tonne within the next six months as buyers compete for shrinking holdings of available metal.

In China, meanwhile, the Yangshan import premium — a gauge of demand — is close to the highest since 2022.

Three-month futures rose 0.2% to US$14,446 a tonne on the London Metal Exchange at 12.50pm local time (7.50pm Malaysia). Other metals were mixed, with aluminium dropping 0.5% to US$3,234.50. 

In ferrous markets, iron ore fell for a seventh day, retreating 0.9% to US$94 a tonne in Singapore. That put prices on track for the lowest close since early August.

Uploaded by Arion Yeow