The Brazilian mining giant churned out 89.4 million tonnes in the third quarter compared with the 87.3 million tonne average analyst estimate.

During the pandemic, Trafigura has emerged as one of the most high-profile bulls in the global copper market.

Iron ore shipments that departed from Australia and Brazil stood at 23.54 million tonnes in the week ended Oct. 17, down 589,000 tonnes from the previous week.

The miner has 2021 production guidance of 315 million to 335 million tonnes, with BI analysts assuming it reaches the low end of that range.

The company said that the results of the Phase 2 life-of-mine review at Sukari is expected to be announced on Dec. 1.

Traders are paying huge premiums for quickly deliverable copper after stockpiles in the LME warehouse system tumbled to their lowest level in decades.

Local leaders say Las Bambas has brought pollution to the area and little in the way of economic development.