Snow damage at Lundin’s Caserones mine tightens copper outlook as LME three-month nears $13,750 a ton
AI Market Summary
Weather-driven disruptions at Lundin's Caserones and earlier issues at Candelaria reinforce expectations of a tightening copper market as exchange inventories remain below five-year averages. With LME three-month copper near $13,750/ton, the news supports the supply-squeeze narrative amid strong AI and electrification demand sensitivity. Uncertainty around U.S. Section 232 tariffs and potential seasonal easing in Chinese buying are key near-term swing factors.
Impact level
● High
Affected assets
NCCO724COPPER2USD/USDT+1.27%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
▲ Bullish
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A copper mine was forced to halt operations on July 18 after heavy snowfall damaged power lines. The disruption has added to expectations of tighter global supply, lifting LME three-month copper to about $13,750 per metric ton, close to the June 2 record of $13,643. The company said first-half EBITDA rose 35% year on year to $4 billion, helped by favorable copper prices.
