Chile’s Minister of Mining, Aurora Williams, addressed the recent fluctuations in copper prices, emphasizing caution amid the turbulence triggered by former U.S. President Donald Trump’s trade war and its global repercussions.
“We are in a watchful position in a scenario of high volatility, where new developments emerge every day,” said Williams during an interview on La Mañana de Agricultura. “That’s why we closely monitor the daily copper price — our country’s top mining export.”
However, she underscored that “more than watching daily prices, the focus should be on broader trends and how the various tariffs — from both sides — will ultimately be implemented.”
Williams noted that copper prices spiked following the initial tariff announcements. “We reached $4.80 per pound, and on the Comex — the U.S. commodities exchange — it even surpassed $5, driven by accelerated demand due to anticipatory purchases ahead of the tariff increases.”
The minister observed that the market has since cooled. “Prices have begun to return to pre-announcement levels, though we are still navigating a volatile and uncertain landscape. There was a rebound yesterday, which illustrates the instability we’re seeing.”
She also acknowledged a slowdown in demand in response to these factors but stressed that the global need for critical minerals remains undisputed.
“In today’s volatile climate, making projections is unreliable,” Williams concluded. “We are continuing to focus on advancing mining projects. This is a long-term industry, and the initiatives we’re working on reflect that perspective.”
