Copper prices rose on Monday, supported by persistent supply concerns and rising optimism about demand, at a time when production disruptions in Chile cast a shadow over global supply prospects.
The three-month standard copper price on the London Metal Exchange rose by 0.4 percent to $14,598 per ton, by 02:20 GMT, after recording weekly gains on Friday.
On the Shanghai Futures Exchange, the most actively traded contract rose 1.2 percent to 110,910 yuan per ton, according to Reuters.
In terms of supplies, the Chilean state mining company, Codelco, partially suspended its operations in the El Teniente mine on Sunday, following a landslide that killed two workers, while a third worker survived, according to the Chilean National Geological and Mining Authority.
In a related context, the strike continues at the Centinela mine, affiliated with the Antofagasta Company in Chile, and negotiations will resume on Tuesday, within the framework of voluntary mediation proposed by the regional labor authorities.
Unions reported on Thursday that the full impact of the strike would be felt next November, when production is expected to drop by half.
Commerzbank said in a note that the labor dispute raises fears of possible greater supply disruptions, especially in light of the ongoing government-brokered wage negotiations at the Escondida mine. The largest copper mine in the world.
On the demand side, the copper premium at the Chinese port of Yangshan, a key indicator of Chinese demand for imported copper, rose to $135 per ton last week, recording its highest level in four years. In reference to improving demand indicators in the world's largest copper consumer.
On the other hand, data from the Shanghai Futures Exchange, issued on Friday, showed that copper stocks in warehouses monitored by the stock exchange rose by 51.6 percent, compared to the end of last September, to reach 58,744 tons, which reflects a noticeable increase in stocks during the recent period.
In other metal markets on the London Stock Exchange, aluminum rose by 0.4 percent to $3,059.50 per ton, and zinc rose by 0.2 percent to $3,815, while lead stabilized at $1,887. Nickel also rose by 0.1 percent to $15,635, and tin rose by 0.1 percent to $52,750 per ton.
As for the Shanghai Stock Exchange, aluminum rose by 1 percent, zinc by 1.4 percent, lead by 0.5 percent, and tin by 1.8 percent, while nickel fell by 0.7 percent.
The Saudi Minister of Energy and Minister of Industry and Mineral Resources, Prince Abdulaziz bin Salman, confirmed that the Kingdom is continuing to achieve its development and transformational goals with confidence and determination, stressing that “fear” has no place in the Saudis’ dictionary, and that the Kingdom will not waste any opportunity that would preserve its cohesion and achieve its future vision.
Prince Abdulaziz bin Salman said, in a speech during the opening of the World Petroleum Conference in Riyadh, that the Saudis possess determination and firm belief in their ability to overcome challenges, stressing that the Kingdom will prove to the world its ability to deal with various circumstances, while maintaining the focus on building a better future for future generations.
He added that the Kingdom's responsibility is not limited to dealing with the challenges of the present, but rather extends to fulfilling its obligations towards its children and grandchildren, by continuing to work to achieve the vision that places Saudi Arabia in an advanced position among the countries of the world.
He continued that the Kingdom will not miss any opportunity to maintain its cohesion and continue implementing its vision, which aims to advance and compete globally, stressing that the Saudis are the ones who determine their future, and will not allow opportunities to escape from their hands.
The Minister of Energy wondered if there was another country in the world that was able to go through a transformation of this magnitude and in such a short period of time, stressing that there is no other country that went through such an experience in such a short time, and pointing to the rapid changes that the Kingdom is witnessing within the framework of its development path.
He stressed that the experiences and challenges that Saudi Arabia went through strengthened its ability to continue the journey, based on confidence and belief in its capabilities, and on commitment to achieving its future goals.
He also stressed that the Kingdom views the future as a responsibility towards future generations, and that preserving the gains and continuing the process of transformation requires continuous determination, investment in opportunities, and adherence to the vision that charts the country’s path towards the future.
The global multidimensional poverty index rose for the first time since its launch in 2010, bringing the number of people suffering from severe poverty to about 1.2 billion people, according to an annual report issued by the United Nations Development Program and the Oxford Poverty and Human Development Initiative, on Monday.
The 2026 edition of the report showed an increase of 51.5 million people living in extreme poverty compared to the previous year, in a development that the Director of the United Nations Development Programme, Alexander De Croo, described as “a wake-up call for the world.”
De Croo said that behind these numbers are 1.2 billion people facing interconnected difficulties that include hunger, deprivation of education, and lack of clean water and electricity, adding that this situation is unacceptable.
Children make up more than half of the people suffering from acute poverty, highlighting the social and humanitarian dimensions of the crisis, especially in the most fragile communities.
Population growth explains part of the increase
The program explained that population growth represents a major factor in the increase in the total number of people living in poverty, noting that the new data was only available for 13 countries out of the 108 developing countries included in the report.
Despite the increase in the total number of poor people, the results showed progress in a number of countries. 33 countries were able to reduce the proportion of their population suffering from poverty, according to the index criteria, by half during the past 15 years.
These countries included six countries in sub-Saharan Africa, while Asian countries, including China and Vietnam, recorded rapid progress in reducing poverty, according to the report.
Sub-Saharan Africa and South Asia are most affected
As in the previous report, the majority of the poorest groups were concentrated in Sub-Saharan Africa and South Asia, especially the Indian subcontinent, which is one of the most densely populated regions in the world.
The report indicated a significant decrease in poverty rates and the number of people suffering from multidimensional poverty in Egypt, Nepal, and Tajikistan.
In contrast, poverty rates declined in Angola and Zambia, but population growth outweighed the effect of this improvement, leading to an increase in the total number of people living in poverty in the two countries.
Poverty extends beyond income to basic services
The Multidimensional Poverty Index does not measure poverty through income alone, but rather relies on a set of indicators that monitor deprivation of basic needs and services, including adequate housing, sanitation, electricity, cooking fuel, food, and education.
The index thus reflects the intersection of deprivations that families may face, even when income indicators alone are not sufficient to depict their living conditions.
