By Annie Lee | Updated on Oct 12, 2026 at 05:02 AM
Copper extended gains as traders looked to a more hopeful outlook for interest rates and gauged the impact on supply of a fatal mine incident in Chile.
The bellwether metal climbed as much as 0.6% on Monday as a fall in oil prices fueled some optimism · that central banks could hold off on further rate hikes to rein in energy-led inflation. This came even as investors weighed geopolitical risks stemming from an escalation in hostilities in the Middle East, and while awaiting the mid-week release of US inflation data. Higher borrowing costs typically reduce the appeal of non-yielding commodities.
In Chile, two workers died on Sunday after a snow avalanche · struck Codelco’s giant El Teniente copper mine, where open-pit operations had already been halted due to bad weather.
That supply setback comes at a time of trade dislocations and growing global demand for the industrial metal. Chinese inventories remain low following a weeklong national holiday, while a gauge of import demand reached a four-year high last week in a sign of potential restocking by buyers in the world’s biggest consumer.
Copper rose 0.5% to $14,618 a ton on the London Metal Exchange as of 11:54 a.m. in Singapore, after gaining almost 2% last week. Aluminum was stable, while zinc was up 0.6%.