Copper held steady on Wednesday as worries about Chilean supply risks offset
pressure from rising oil. TD Securities said Chile supply risk remains the key
focus: strike votes, operational outages and mine-restart developments are
sustaining a supply-risk premium, and any escalation in Chile would provide
additional near-term support for prices. BHP’s Escondida union said mediation
failed and will begin strike action on Wednesday. Centinela and two unions
returned to talks on Tuesday to try to resolve a week-long stoppage; unions
report operations are being affected. Markets also face tariff uncertainty and
ongoing inventory adjustments while higher energy costs keep attention on sticky
inflation and slower growth.
