URGENTCommodityCommodities Desk
Copper spikes 6.2% on Chilean mine flooding; Escondida output cut
LME 3M contract touches $11,400/t. Cable and transformer makers warn of Q3 pass-through.
ChileGlobal
Heavy rainfall flooded pit operations at two of Chile's largest copper mines, removing an estimated 60kt of monthly supply. Given already-tight concentrate markets, analysts expect the deficit to persist through the quarter. Grid equipment and HVAC manufacturers have begun issuing surcharge notices.