A stronger local currency makes imports cheaper for domestic traders and fabricators in the world’s top metals consumer.

The changes will extend the volume-weighted average price methodology to five additional prompt dates for aluminum, copper, zinc, lead and nickel.

Pacheco was responding to a report last month from copper studies center CESCO that said if production promises are not met, high levels of debt could lead to insolvency.

Some Norwegian companies that provide technology and services to the oil industry are looking at deep sea mining as well.

Authorities said they will take any findings from the visit into account to clear any doubts about the contract among lawmakers and the population and mull appropriate changes.

On-warrant copper inventory held by the London Metal Exchange rose on Wednesday by 5.7% to the highest since September 2021.