Copper mine strike threats combined with Federal Reserve officials' remarks push copper prices to a three-week high.

Workers at Chile's Escondida copper mine are threatening to strike, pushing copper prices to a three-week high. The union representing more than a thousand direct employees at the Escondida mine had threatened to strike, but has now restarted salary negotiations with operator BHP. Ahead of the release of inflation data, New York Fed President John Williams said he believes one more rate hike this year would be appropriate, with no need for further increases in 2027. Rate hikes curb the economy and raise funding costs, weighing on metal prices. LME copper rose as much as 0.8% to $14,695 per ton; gains narrowed after a union leader said there is still a chance of reaching an agreement.