Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
The copper price rose on Tuesday on hopes of stimulus in China and some improvement in factory activities in the country.
Three-month copper on the London Metal Exchange rose 0.2% to $8,579.50 per metric ton by 0757 GMT.
[Click here for an interactive chart of copper prices]
The most-traded February copper contract on the Shanghai Futures Exchange (SHFE) was flat at 68,960 yuan ($9,671.94) per metric ton.
Factory activity at the world’s biggest metals consumer expanded at a quicker pace in December, a private-sector survey showed.
However, a separate survey showed manufacturing activity shrank for a third straight month, raising the case for fresh stimulus measures.
Data revealed low inventories in SHFE warehouses, which were at 30,905 tons by the end of the year, more than half of the stock level at the end of 2022.
Read More: Nickel is year’s biggest metals loser, copper manages small gain
Comments