Millions of feet of copper wiring will be required for strengthening the world’s power grids, and hundreds of thousands of tonnes more are needed to build wind and solar farms.
The output cuts underscore the industry’s struggle with a shortage of feedstocks caused by recent mine production setbacks.
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
The metal headed for a third daily decline, with copper miners also under pressure as a risk-off mood took hold in broader equity markets.
