Copper Prices Plummet Despite Slight Market Improvement

MMG Limited has temporarily suspended operations at its Las Bambas copper mine in Peru following a fatal accident on August 18 that killed two workers and injured three others. The incident occurred during pump replacement work at a clarification pond located approximately 9 km from the Las Bambas processing plant. Following the accident, MMG suspended activities across the operation while investigations are carried out, with Peru’s labour inspection authority, Sunafil, also opening an investigation and sending inspectors to the site to determine the circumstances surrounding the incident.​ MMG said operations at Las Bambas are expected to restart progressively from August 21, suggesting that the disruption could remain relatively short-lived if the current timetable is maintained. The company has not announced any change to its 2026 copper production guidance, so there is currently no confirmed impact on full-year output. However, given the scale of Las Bambas, even a temporary suspension is relevant to the copper market, particularly at a time when global copper concentrate availability remains tight.​ Las Bambas is one of Peru’s largest copper mines and a major source of copper concentrate for the global market. The operation produced approximately 410,829 mt of copper in 2025, equivalent to roughly 2% of global mined copper supply. This means the immediate market impact should remain limited if production resumes from August 21 as planned, but any delay to the restart would increase the significance of the disruption and could add further pressure to an already constrained concentrate market.