Copper Hits Record US$6.55/lb on LME, Boosting Chile's Fiscal Outlook

Copper closed at an all-time high of US$6.557/lb (US$14,455/tonne) on the London Metal Exchange on August 6, up 2.03% on the day, with the 2026 year-to-date average near US$5.9/lb — roughly 39% above the same point in 2025. The Dirección de Presupuestos (Dipres) projected private large-scale mining would pay a record US$8.039 billion to the Treasury in 2026, while Diario Financiero estimated the government could collect over US$9.7 billion in additional revenue if the annual average lands near US$6/lb, versus the US$4.38/lb reference price used in the 2026 budget. The rally was driven in part by the Democratic Republic of Congo's abrupt ban on copper and cobalt concentrate exports tightening global supply. The government touted the windfall as easing fiscal pressure and boosting growth, employment, and investment even as the IMF continued to flag long-term fiscal risks from the pending megarreforma tax cuts.