Chile, the world’s largest copper producer, lowered its 2026 production forecast.
The nation now expects output to fall 2% this year.
This revision reverses a February projection of 3.7% growth.
Benchmark three-month copper on the London Metal Exchange (LME) rose 1.7% to $13,637 per metric ton.
U.S. Comex copper futures gained 1.9% to reach $6.32 per pound.
The tighter supply outlook triggered a price rebound, offsetting concerns regarding Chinese demand and recent profit-taking.