Antofagasta expects 2024 copper output at low end of yearly forecast
Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023.
Copper price rebounded on Friday amid signs that China’s economic recovery may be strengthening.
Copper for delivery in December was up 2.1% on the Comex market in New York, touching $3.78 per pound ($8,316 per tonne).
[Click here for an interactive chart of copper prices]
The latest development in China’s stalled property market was news that the chairman of property developer Evergrande was under police surveillance, according to Bloomberg News, added to concerns about Evergrande’s future.
“It highlights just how precarious things are and the problems facing copper demand and industrial metals overall,” a metals trader said.
However, the September PMI data, due Saturday, are likely to show that recent stimulus measures are starting to have an impact, according to Bloomberg Economics.
The Chinese official manufacturing gauge is expected to signal expansion for the first time since March, supported by increased government investment.
(With files from Bloomberg and Reuters)
