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Escondida restart underway after fatal halt eases tight copper market

Escondida’s interruption came as COMEX copper hit a record $6.83 per pound before easing to $6.76, with Chinese inventories already near a cyclical low.

Reported · Written up by our desk · Industrial Metals

BHP’s Escondida, Chile’s largest copper mine, is gradually resuming operations after a fatal accident halted activity, a move that comes as the copper market stays pressured by tight inventories and strong demand, according to Mining.com.

Mining.com reports that COMEX copper reached a record $6.83 per pound on the day of the Escondida interruption before easing to $6.76 per pound, on Friday morning.

Escondida mine president Alejandro Tapia said the company continues assessing conditions for a gradual resumption, factoring in workforce wellbeing, operational readiness, risk controls, and applicable authority requirements, according to BHP’s emailed statement as cited by Mining.com.

Mining.com also notes that Chinese inventories are near a cyclical low as the country enters consecutive holidays that will temporarily interrupt restocking, while Shanghai Futures Exchange stockpiles are about 47,000 tonnes ahead of the Mid-Autumn Festival from Sept. 25 to 27 and National Day Golden Week from Oct. 1 to 7.

Latest closeCopper $6.751 ▲1.1%

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