6.9-Magnitude Earthquake in Northern Chile Disrupts Global Copper Market [SMM Market Flash]

According to the official measurement by the China Earthquake Networks Center, at 05:52 Beijing time on May 26, 2026 (17:52 local time on May 25), a magnitude 6.9 earthquake struck the Antofagasta Region in northern Chile, with a focal depth of approximately 114 km. The U.S. Geological Survey (USGS) measured the focal depth at approximately 109 km. Within a 200 km radius of the epicenter, 21 earthquakes of magnitude 3 or above have occurred over the past five years, the largest being the magnitude 7.3 earthquake on July 19, 2024.

The Antofagasta Region is Chile's core mining area and a globally significant copper mining hub. Following the earthquake, the global copper market quickly turned its attention to local mine production and transportation conditions.

Codelco stated that due to low visibility in the mine pits and localized power outages, the company had suspended some production activities and initiated safety inspection procedures. According to SMM, the affected mines under Codelco have now resumed normal production. Global mining giants BHP and Antofagasta PLC stated that overall operations had not been significantly affected, but some operations had been temporarily halted in accordance with emergency protocols to allow for safety assessments of facilities.

Chile's National Service for Disaster Prevention and Response (SENAPRED) reported that the earthquake triggered landslides in some production areas, with power outages and localized water supply disruptions in the city of Calama. However, no casualties or major infrastructure damage have been reported, and ports and major transportation facilities remain operational.

Despite the relatively high magnitude and deep focal depth of this earthquake, given the maturity of Chile's mining infrastructure seismic resistance systems, the actual impact of this event on the global copper supply chain is currently limited, manifesting more as short-term sentiment disturbances.

However, as the world's largest copper producer, Chile holds a pivotal position in the global copper supply chain. Data from the General Administration of Customs of China showed that from January to April 2026, China imported a total of 9.9151 million mt in physical content of copper concentrates, of which 3.0526 million mt in physical content came from Chile, accounting for approximately 30.79%. Chile remains China's largest source of copper concentrate imports. Against the backdrop of already tight global copper concentrate supply and persistently low TCs, any production disruption from Chile's core mining areas could trigger fluctuations in copper prices. Should mines experience prolonged shutdowns, hindered port transportation, or slow power restoration, this could further push up international copper prices and the performance of related non-ferrous metals sectors. As of now, major miners in Chile have not yet disclosed any significant facility damage or long-term shutdown information.