New measures designed to undercut the economic rationale for withdrawing Russian metal already on the LME and selling it back on the exchange under a less-desirable category.

The commissioning of the mine is expected in Q4 2024.

Fabricators have struggled to pass on higher costs to their customers, forcing them to rein in purchases since March, one copper trader said.

According to Aurojyoti Bose, lead analyst at GlobalData, the involvement in the $2.2 billion Alcoa-Alumina M&A deal helped these two firms top the chart by value.

Steel consumption was suppressed in the short term due to rainy weather in southern regions of China.

After climbing to a record earlier this month, the precious metal has now fallen below $2,300 an ounce.

Copper prices have recently been bolstered by expectations of tight supplies and optimism about demand prospects from energy transition.