Copper’s record rise steadies as demand signals challenge bulls

The miner reported total preliminary output of 940,000 ounces of gold and 40,000 tonnes of copper in the three months ended March 31.

The company expects “some conclusions” this year from negotiating an operational tie-up between its Andina mine and Anglo American's adjoining Los Bronces.

If developed, the mine would supply more than a quarter of US copper demand for the renewable energy transition.

China’s Copper Smelter Purchase Team appears to be making good on promises of cutbacks with end-March inactivity at refiners jumping to 12.8% compared to 4.1% a year ago. 

The company also did not rule out the possibility of acquisitions, as long as they are in the Americas.

Larger copper, gold and molybdenum volumes boosted metals mining just over 17%, according to government statistics.

Aluminum jumped as much as 9.4% as the market opened, the most since the current form of the contract was launched in 1987.

The amount of metals required for each kilowatt of generation capacity has risen by 50% since 2010, according to the IEA.

The sanctions now leave the Shanghai Futures Exchange as the only major commodities bourse in the world to accept Russian shipments.