Popular N.J. deli closes after copper theft ruins $20,000 in inventory - NJ.com

Brent tops $106 as Iranian tanker attacks intensify, with record freight costs and tightening supply pushing oil prices higher. Global oil inventories are dangerously depleted, leaving little room for further emergency releases as OPEC forecasts stronger demand in 2027.

Escondida supervisors, about 1,020 workers at the world’s largest copper mine, said they would strike at 8 a.m. local time Wednesday, a week after workers walked out at Centinela. Chile’s August copper output fell 12.8% to 369,500 tons, the lowest monthly total since February 2011, and a fatal landslide hit Codelco’s El Teniente on Sunday.

Copper pulled back from a three-week high on Wednesday after US inflation data put a Federal Reserve rate hike this month back on the table, and word of a preliminary deal to avert a strike at BHP’s Escondida, the world’s largest copper mine, took some of the supply premium out of the price. Comex copper for December delivery traded at $6.6695 a pound (about $14,704 a tonne) late morning in New York, down 0.8%, after touching $6.7890 earlier in the session. The most-active contract’s record settlement of $6.89 was set on September 9, the day before a report that the White House tariff plan had stalled knocked more than 5% off the price.