Chile, the biggest Copper producer, raised its price forecasts for this year and next, ING's commodity experts Ewa Manthey and Warren Patterson note.

Copper supply is hit by a wave of disruptions

"The country’s Copper agency Cochilco cited global supply disruptions, lower interest rates, a weaker dollar and global economic resilience. Copper is expected to average $4.45 a pound this year and $4.55 in 2026, according to Cochilco’s quarterly report. It previously forecast $4.30 for both this year and next."

"Copper supply has been hit by a wave of disruptions this year, including an accident at El Teniente mine in Chile in July."

"Cochilco now expects no production growth in Chile for the year, down from a previous forecast of 1.5%. In 2026, Chilean production is forecast to grow 2.5% to 5.6 million metric tonnes. However, a key assumption about next year's growth is that El Teniente will operate as normal, which Codelco says is unlikely."