Key Highlights

● Copper futures fell below $6.65 a pound, down 1.07% on the session.

● Strikes hit Escondida and Centinela while an avalanche struck El Teniente.

● Copper is up 3.74% over a month and 34.18% over a year.

● Data center and battery storage orders continue to support demand.

Copper futures fell below $6.65 per pound on Wednesday, 14 October 2026, as labor strikes and adverse weather disrupted mining operations across Chile, the world's largest copper producer. According to market data, the contract was quoted at $6.6066 (USD), down $0.071, or 1.07%, from a previous level near $6.6776.

Strikes Hit Major Mines

Workers at the Escondida mine, operated by BHP Group (NYSE:BHP), are set to begin a strike after union leaders reported that wage negotiations failed to reach an agreement before the midnight deadline. Separately, two unions at the Centinela mine, owned by Antofagasta Plc, have also launched strikes. Together, the stoppages raise concerns over near-term supply from the world's largest producing country.

Avalanche at El Teniente

Two workers died on Sunday after an avalanche struck Codelco's major El Teniente mine, where open-pit operations had already been suspended due to unfavorable weather. The incident adds a safety and weather dimension to the supply picture, and any extended halt would tighten availability further.

Demand Remains Supportive

On the demand side, rising orders for data centers, semiconductor production and battery storage systems supporting AI technologies and electric vehicles across Asia continued to bolster the outlook for copper. Grid-scale transmission and offshore wind projects add to structural consumption, and primary mine supply has limited ability to respond quickly.

US Producers and Consumers

In the United States, Freeport-McMoRan (NYSE:FCX), which operates major open-pit mines in Arizona, and Southern Copper (NYSE:SCCO) are among the producers exposed to price movements. Downstream fabricators serving construction, electrical and clean energy projects face the cost side of the same moves.

Month, Year and Forecast

Copper is up 3.74% over the past month and 34.18% over the past year, implying prices of roughly $6.37 a month ago and $4.92 twelve months earlier. Market forecasts point to about $6.8063 (USD) per pound for the fourth quarter, which is $0.1997, or roughly 3.02%, above the latest quote. Strike outcomes and weather in Chile will shape whether that forecast holds.

Chile's Supply Test

Copper's daily dip comes after a strong month and year. With strikes under way at two Chilean mines and operations disrupted at a third, supply risks are rising just as AI, chip and battery demand keeps orders firm. Wage talks and weather will decide how long the disruption lasts.