Copper prices broke through the $13,000-per-ton mark for the first time on Monday as supply concerns intensified due to a strike at a Chilean copper mine, coupled with market expectations of a supply shortage and low inventories at London Metal Exchange (LME)-approved warehouses.Traders said the strike at Capstone Copper’s Mantoverde copper-gold mine in northern Chile further reinforced the narrative of supply shortages.The mine is expected to produce between 29,000 and 32,000 tons. Although this represents only a small fraction of this year’s global copper mine output of approximately 24 million tons, it still exacerbates market expectations of a supply shortage. UBS Analysts stated: “We expect copper demand to grow by about 3% in 2026, while refined copper supply will increase by less than 1%, resulting in a shortfall of 300,000 to 400,000 metric tons. The shortfall may widen to about 500,000 metric tons in 2027.”