Codelco’s copper production up 10% in August
The BHP-controlled Escondida mine saw production rise 15.5% to 105,300 tons.
The copper price rebounded on Thursday after hovering near a two-week low, as the market sizes up the implications of China’s policy briefing this weekend.
Copper for December delivery increased by 1.1% from Wednesday’s settlement, reaching $4.44 per pound ($9,768 per tonne) in early morning trade on the Comex in New York.
[Click here for an interactive chart of copper prices]
Enthusiasm for China’s pro-growth pivot has cooled as investors await clearer signs that the government will implement policies — such as infrastructure investment — to boost commodity demand.
Finance Minister Lan Fo’an is set to speak on Saturday at an event now seen as key to assessing the government’s commitment to further capital spending.
“The PBOC’s effective support of equity markets could ultimately benefit commodity markets,” ANZ Group Holdings analysts, including Daniel Hynes, noted in a report.
They added that stability in the real estate sector and stronger equity markets could improve consumer sentiment, potentially sparking an economic rebound and stronger demand for commodities.
“We continue to expect a fiscal stimulus push in the coming weeks and months and have upgraded our 2025 growth forecast from 4.6% to 4.8% year-on-year in anticipation of stronger policy support,” said ING analysts.
(With files from Bloomberg and Reuters)
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