Key Highlights

● COMEX copper traded near $6.59 per pound on October 5, 2026, up 0.14%, after a weekly decline of nearly 3%.

● Escondida’s supervisors union rejected a final offer, with 95% of participating members voting to support strike action after mediation.

● Shanghai Futures Exchange is closed for Golden Week from October 1 to 7, leaving London to set prices.

● Freeport-McMoRan reported second-quarter copper sales of 710 million pounds at a realized price of $6.17 per pound.

COMEX copper futures were quoted near $6.59 per pound on Monday, October 5, 2026, up 0.14%, as the market steadied after a weekly decline of nearly 3%. Votes for strike action in Chile are the main Supply story. Freeport-McMoRan (NYSE:FCX), a major US copper producer, reported second-quarter copper sales of 710 million pounds at a realized price of $6.17 per pound.

A Steady Quote After a Near 3% Weekly Drop

The quote was $6.5875 on one feed, with a day range of $6.5745 to $6.6073, and $6.57 on another. Both are delayed intraday quotes, not settlements. Copper steadied near $6.52 on Friday, October 2. The weekly slide was linked to weaker Chinese industrial demand, a stronger dollar, elevated bond yields and higher oil prices.

The 52-week range runs from $4.822 to $6.9285, with the high set on September 22. London Metal Exchange copper, the global benchmark in dollars per tonne, was $14,253.50 on October 1, down 1.1% to a two-week low. COMEX is quoted per pound and the LME per tonne, so the two cannot be compared without conversion.

Escondida and Centinela Put Chile Labor in Focus

On October 1, the 1,020-member supervisors union at the Escondida mine rejected the company’s final offer, and 95% of participating members voted to support strike action. Under Chilean law a five-day government mediation must come first and can be extended by five days before a stoppage becomes legal. BHP (NYSE:BHP) operates Escondida, described as the world’s largest copper mine, and Rio Tinto (NYSE:RIO) holds 30%.

Workers at the Centinela mine, operated by Antofagasta, also rejected a final contract offer. Neither group has walked out. Chile supplied 23% of global mine output in 2025, which is why labor talks draw attention, but a strike vote is not a strike and many disputes settle in mediation. Futures were broadly flat on October 2 while some producer shares rose.

Producer Scorecard From Santiago to Arizona

Freeport reported unit net cash costs of $1.97 per pound in the second quarter and full-year guidance of about 3.1 billion pounds of copper sales. Its shares rose 3.98% to $72.04 on October 2. Southern Copper (NYSE:SCCO), with operations in Peru and Mexico, closed at $205.54, up 3.17%.

Antofagasta reported second-quarter production of 142,000 tonnes and 285,000 tonnes for the half year, down 9.5%, and kept 2026 guidance at 650,000 to 700,000 tonnes. Net cash costs were $1.36 per pound. BHP produced around 2 million tonnes of copper in the year to June 2026, while iron ore, a larger Earnings source, sat near a 52-week low. Rio Tinto guides to 800,000 to 870,000 tonnes of copper in 2026.

Price gains do not reach every company equally. Concentrate sellers face smelting terms and by-product credits, and hedging, currency and cost Inflation all matter. A strike also cuts the benefit of high prices, since tonnes not shipped earn nothing.

Golden Week Ends and the Fed Minutes Arrive on October 7

Copper could gain from a Chilean walkout, further Chinese stimulus, a softer dollar and lower yields. It could weaken on a settlement at Escondida, soft Chinese Demand after the holiday, a Fed rate increase or higher oil. The ten-year Treasury Yield sits near 5.298% and the 30-year near 5.633%, while markets see about 38% odds of an October rate increase, down from 51% before softer inflation data.

China’s Golden Week ends on October 7, 2026, the same day the Federal Reserve releases minutes of its September meeting. The Fed’s next meeting is on October 27 and 28. The outcome of the Escondida mediation is the key company event.