The world of metals trading is becoming increasingly multi-polar, reflecting the rise of China's futures markets over the last decade.

Company plans to start producing copper foil by end of 2023.

Instead, Freeport Indonesia will go ahead with plans to build a new smelter near its existing copper refining operations in Gresik, East Java.

Analysts at Wood Mackenzie estimate an additional 360 million tonnes of aluminum, 90 million tonnes of copper and 30 million tonnes of nickel will be needed over the next 20 years.

Quebreda Blanca Phase 2 project in Chile, currently under construction, will double Teck's consolidated copper production when it starts in 2022.

The Cindy target offers potential to add to the company's leachable resource base and extend mine life.

Overall, what emerges from the June trade data is that China’s demand for commodities is still solid.

Supercycle bulls will argue that this is just a temporary soft spot before green infrastructure stimulus starts building momentum in Europe and the United States.