Copper

AI take

Copper is digesting a Chilean supply overlay after BHP reported a drop in quarterly copper output, citing planned lower grades, maintenance, severe weather in Chile and operational disruptions, while keeping full-year guidance unchanged. Antofagasta's Centinela unions had already ratified a new contract, ending a strike of more than a week, and BHP and the supervisors' union at Escondida had reached a deal that union members approved. China's third-quarter growth accelerated from the prior quarter and beat the median forecast, an industrial-demand overlay after Golden Week. Watch whether Centinela actually returns to full operations, and the first Chinese restocking signals after the holiday.

Scheduled take · 2026-10-21T03:10:04Z

• SMM -- BHP quarterly copper output falls; FY2027 guidance unchanged