Extreme weather in Chile drives
Photo: Andy Wong/AP/TT

Extreme weather in Chile drives copper prices to record highs

Snowfall, storms and flooding in Chile's mountainous regions have forced several mining companies to halt copper production, pushing copper prices to new record levels, CNBC reports.

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Bridges covered in snow and personnel evacuated from facilities. The recent extreme weather, which has so far claimed 13 lives in Chile, has knocked out power lines and caused several mining companies to suspend production.

Affected companies are warning of even worse consequences if the extreme weather continues, and analysts are warning that the disruptions could further raise copper prices.

Chile accounts for around a fifth of the world's copper production. The raw material is crucial for building the AI industry.

Copper prices have risen in recent years, reaching a record high of $13,643 (nearly SEK 130,000) per tonne in June. On Friday, the copper price was $13,581 per tonne.

AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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