Copper prices edged higher as supply concerns intensified, with workers at Antofagasta Plc’s Centinela site voting to strike after failed negotiations. Futures approached $14,500 a ton in London, marking a third monthly gain and an 8% quarterly advance. Physical markets show tightness, while U.S. refined copper stocks sit high amid anticipated Trump administration tariffs.

Deutsche Bank forecasts a 50% price surge to over $22,000 a ton within six months as buyers compete for limited metal. Spot treatment charges fell to minus $267.40 a ton, and China’s Yangshan import premium nears its 2022 peak. Three‑month futures rose 0.2% to $14,438 a ton on the LME, with aluminum, zinc, and lead gaining, while nickel and tin were flat.

Iron ore dropped 0.7% to $94.20 a ton, heading for its lowest close since early August.