Copper prices opened 2026 at historical highs, trading at US$5.7 per pound, according to the Chilean Copper Commission (Cochilco). This marks a 0.54% increase from the end of 2025 and occurs amid declining global inventories. The metal, essential for the energy transition and artificial intelligence, keeps boosting Chile's exports.
Copper, Chile's main export product, started 2026 strongly by reaching a price of US$5.7 per pound, equivalent to US$12,571 per ton, according to Cochilco data. This quotation reflects a 0.54% rise compared to the last trading session of 2025, when the annual average price was US$4.511 per pound.
The increase occurs amid reduced supply, shown by a drop of 2,100 metric tons in London Metal Exchange (LME) inventories. 2025 was an exceptional year for the metal, with a price surge of over 40%, driven by demand outpacing supply in the global economy.
Long seen as a barometer of worldwide economic activity, copper has grown in importance recently due to its role in the shift to clean energy, electric mobility, and the rise of artificial intelligence. Data centers expanding globally are copper-intensive, as is lithium, another key Chilean resource.
In this context of scarcity, Capstone Copper reported that on January 2, the strike by Union No. 2 at the Mantoverde mine took effect, after collective bargaining ended without agreement and all legal steps, including extended mediation, were exhausted.
Copper accounts for about half of Chile's annual exports exceeding US$100 billion, with a record expected this year.