Analysts participating in Reuters base metals poll were cautious, expecting high inventories and rising supply to keep a lid on prices.

The 9.3% drop in the Mining Production Index pushed down the Industrial Production Index by 4.1% in 12 months.

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Permitting process too long, resource ministers say.

Industry analysts are still bullish on copper in 2021.

Commodity prices are rising rapidly as the manufacturing side of the global economy bounces back from the first wave of the coronavirus pandemic.

The government said on Thursday that mining, as well as fishing and construction, would be allowed to continue during the period from January 31 to February 14.