The threat of a worker’s strike — which has since been averted — at Chile’s La Escondida, the world’s biggest copper mine, sent prices for the metal near record levels, underscoring the Latin American country’s growing role in the industry.
Other recent temporary closures in some of Chile’s copper mines, which are responsible for almost a quarter of global output, because of worker accidents and benefits disputes have also pushed up international prices.
Demand for the metal has surged on the back of the AI data center and EV production boom, with countries globally racing to lock up supplies. But despite production rising to record levels in 2025, UBS nonetheless expects shortfalls to reach an all-time high next year.
