Chile is on track to generate a copper-related fiscal windfall of up to US$9.7 billion above its 2026 budget, driven by sustained strength in global metal prices.
The projection comes as three-month copper on the London Metal Exchange (LME) surged past US$14,000 per tonne on 4 August, reaching US$14,369.50 on Thursday.
This level sits just below the all-time record of US$14,527.
This level sits just below the all-time record of US$14,527.50 set on 29 January, signaling persistent demand pressure and tight supply conditions in the global market.
The price action underscores the resilience of the copper complex despite logistical headwinds in the world’s largest producer.
A powerful winter storm has recently battered Chile’s northern mining regions, threatening operations in the country that supplies nearly a quarter of global copper output.
The Italian utility Enel has responded to the weather disruption by increasing its focus on power security for mining clients, highlighting the operational fragility of the supply chain in the Atacama region.