Copper futures prices rallied on Tuesday after the agreement of a massive economic stimulus plan in Europe, optimism about a covid-19 vaccine and ongoing worries about pandemic-hit supply from top producer South America.
Copper for delivery in September trading in New York changed hands for $2.9750 a pound ($6,560 a tonne) in early afternoon trade, up 2% from Monday’s settlement.
Copper futures prices are on track for the highest close in two years and are now up by more than 50% from the covid-19 lows struck in March.
Top-listed copper miner BHP announced on Tuesday that it expects its copper output to fall by between 5% and 14% in its next fiscal year to end-June 2021.
BHP, which part-owns and operates Escondida in Chile, the world’s largest copper mine, said the expected fall in copper production is due to a reduction in its workforce related to covid-19 restrictions.
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