Copper
Investigation against the Fed weakens dollar and lifts gold to record
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The US Department of Justice opened a criminal investigation against Jerome Powell, chair of the Federal Reserve, raising fears over the central bank's independence and shaking global markets. The dollar fell to lows as gold hit a new all-time high. In Chile, the Ipsa reached a record driven by copper.
The copper price reached US$6.20 per pound on Monday at the London Metal Exchange, driven by supply restrictions stemming from the conflict in Iran. The figure approaches the record of US$6.28 set in January 2026 and marks a 9.34% rise so far this year.
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Máximo Pacheco, outgoing president of Codelco's board, delivered a 45-minute speech on Monday at the ordinary shareholders' meeting, rejecting government criticisms and stating that 'Codelco is not in crisis'. He addressed his successor, Bernardo Fontaine, appointed by President José Antonio Kast, and Mining and Economy Minister Daniel Mas. He insisted that the state-owned company remains 'Chile's best business'.
The copper price hit US$5.02 per pound on the London Metal Exchange this Wednesday, breaking the US$5 barrier for the first time in nominal terms. This marks the highest nominal historical value and the second highest in real terms since 2011. Experts attribute the rise to energy transition demands and supply constraints.
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Copper prices hit a new historical high of US$4,983 per pound, driven by a preliminary US-China agreement to suspend tariffs. This sparked global optimism that lifted Chile's Ipsa and boosted stocks of firms exposed to Argentina following Javier Milei's victory. US markets also rose, with Nasdaq gaining 1.86%.