The amount of available copper in the London Metal Exchange's warehouse network has halved over the last eight days.

Australia has been a rare beneficiary of Russia’s war on Ukraine.

China’s two biggest coal-producing regions have been hit by virus flare-ups and lockdowns that are disrupting supplies and boosting prices.

Premiums of physical copper sales to China in 2023 are expected to rise to between $150 to $210 per tonne over the benchmark London Metal Exchange price.

World refined copper production is forecast to rise by about 2.8% in 2022 and 3.3% in 2023.

A sharp increase in ShFE copper inventories also dented sentiment.

Rio has been battling with a surge in production costs while iron ore prices continue to slide.