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-to-gold ratio has climbed above its 200-day moving average for the first time since September 2020. This development has historically coincided with the early stages of bitcoin bull markets.
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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.
Codelco reported a 2.1% increase in copper production for the first nine months of 2025, reaching 937,000 tons, driven by divisions like Ministro Hales. However, its consolidated profits fell 30%, from US$227 million in 2024 to US$157 million this year. Executive president Rubén Alvarado highlighted the growth despite the fatal accident at El Teniente.
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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.