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.
Chile's FNE and antitrust bodies from China, Brazil, and South Korea have approved the joint Andina-Los Bronces mining plan between Codelco and Anglo American. The deal, signed in February 2025, will enable 120,000 additional tonnes of fine copper per year from 2030 to 2051. Codelco board chairman Máximo Pacheco said it will unlock greater potential in the mining district.
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Global markets closed higher after Donald Trump’s announcement of talks with Iran to de-escalate the Middle East conflict, driving oil prices down. In Chile, however, the Ipsa index fell 0.49% to 10,227.64 points amid local concerns over domestic consumption and the Mepco fuel mechanism.
Anglo American and Teck Resources have agreed to a $50 billion merger in the copper sector. The deal aims to create a major player in global mining.