Inflation data in Germany and Japan and statements from European and US central bankers suggest that rapid, economically damaging interest rate rises will continue.

All zinc smelters in Sichuan halted production early this week, and a small smelter based in neighbouring Hunan province also stopped operations.

He also confirmed in an interview that Indonesia would impose a carbon tax before the end of the year.

The IMF forecast that global growth could slow to 2.9% in 2023.

Las Bambas, whose operations have often been disrupted by protests from neighboring indigenous communities, accounts for 2% of global copper supply.

"Projected annual shortfalls will place unprecedented strain on supply chains. The challenges this poses are reminiscent of the 20th-century scramble for oil".

Softer numbers translated into depressed equity market support for the mining industry.

During the first six months, the global market was in a surplus of 30,800 tonnes compared with a deficit of 125,500 tonnes in 2021.