Factory conditions in China unexpectedly worsen for the 14th straight month raising fears that the rally on commodity markets in 2016 was losing steam.
Record aluminum prices in the United States and Europe will be sustained by Russia's mining tax for some months, but attempts to push prices even higher are likely to face headwinds.
Macro headwinds in the form of slowing growth impetus in China and the spread of the Delta variant of covid-19 are currently outweighing copper’s micro-dynamics.
According to stakeholder intelligence firm Alva, labour relations contributed <1% material impact last quarter but it fell to -11% in Q2, as industrial action increases across the mining sector.