Antofagasta agrees lower 2024 copper charges with Chinese smelter

A Reuters poll showed that prices are due to recover slightly, supported by low inventories.

The company posted net income of $114.8 million for Q2, compared to $53.2 million in the year-ago period.

The surprise contraction in China's manufacturing index in April underlines the uneven nature of the recovery in the world's second-biggest economy.

A global market deficit is expected for 2023 as a whole, but surpluses are likely from next year, rising to 145,693 tonnes by 2027.

“In the longer term, the energy transition could significantly lift the demand for some metals, notably lithium, copper, and nickel,” the bank said.

The metal has lost almost 17% in April and briefly dipped below $100 a tonne earlier this week.

"If we're honest ... the lithium produced in Canada is going to be more expensive, because we don't use slave labour," he said as as he discussed Canada's efforts to ramp up production of the critical metal

China invested $79 billion in coal production last year, according to the IEA, while the rest of the world combined spent $37 billion.

Iron ore price dipped below $100 a tonne this week for the first time since early December.