Copper Rose Buoyed By A Potential Output Cut In China.
Copper prices surged by 1.34% yesterday, settling at 762.25, following a rally in London that saw prices reaching a 10-month peak. The bullish sentiment was fueled by news of a potential output cut in China, the world’s top copper producer. Major Chinese copper smelters have agreed to reduce operation rates, adjust maintenance schedules, and delay new projects in a concerted effort to bolster prices. Tight supplies of copper concentrates and lower processing fees have prompted China’s North Copper to consider scaling back output in the future. This agreement among Chinese copper smelters to decrease production comes amidst mounting losses in the country’s copper industry in recent months.
