Copper Prices Reach 16-Month High: Impact of Supply Crisis

Rise in Copper Prices

In the global commodity markets, copper prices have reached the highest level in 16 months due to supply concerns from Chile and Indonesia. Copper traded on the London Metal Exchange has shown a strong performance at $10,792 per ton, attracting the attention of investors. Currently, it is trading at $10,756, up by 0.38%.

Mining Accident in Indonesia

The accident at Grasberg, one of Indonesia's significant mines, is expected to cause a production loss of around 591,000 tons. Experts indicate that this development will further tighten copper supply, leading to upwards revisions in price forecasts. Key analysts emphasize that the upward trend will continue in the short term.

Impact of Chile and Other Metals

In Chile, the world's largest copper producer, it was reported that production decreased by 9.9% in August following an accident at a mine owned by Codelco. This situation, along with ongoing global supply shortages, is also affecting the prices of other metals. Aluminum prices remain steady at $2,709 per ton, while nickel dropped by 0.31% to $15,538, and lead fell by 0.15% to $2,017. Tin decreased by 0.75% to $37,175, while zinc continues to trade at $3,038/ton, up by 0.12%.

Effects in the Chinese Market

The closure of exchanges due to China's Golden Week holiday has resulted in low trading volumes. This situation may impact price fluctuations in strategic metals. Investors are closely monitoring how this will affect the market.