China’s imports of unwrought copper have also been trending lower since the sharp recovery from the pandemic amid stimulus spending in the middle of last year.
China sucked in a record 4.67 million tonnes of refined copper last year, making it the single most important physical driver of the pandemic recovery rally.
The Bloomberg Commodity Spot Index, a basket of nearly two dozen raw materials, surged to a 10-year high last week and is rapidly closing in on the record set in 2011.
The covid-19 pandemic increased the level of cyber risk because it pushed miners to quickly restructure the way they operate, as the need for systems that support remote working and automation became urgent.