Visualizing the world’s largest copper producers

China’s success in stamping out latest covid-19 outbreak also bolstered the outlook for commodities from copper to oil.

Base metals have rebounded this week as Beijing’s success in containing a sprawling covid-19 outbreak shored up confidence in the demand outlook.

Indicators in the physical market suggest the country’s appetite for copper is picking up rapidly.

The metal has surged 32% this year, second only to tin among the six base metals traded on the LME.

Local authorities approved 24 plants with a combined capacity of 5.2 gigawatts, a 79% decline from the same period in 2020.

China’s central bank chief vowed to stabilize the supply of credit and boost the amount of money supporting smaller businesses and the real economy.

Chalco also lifted output of that material by 14.3% year on year to 8.25 million tonnes.

S&P Global Market Intelligence reports the volume of critical minerals flowing into the country in H1 2021 surpassed the 316,108 tonnes imported in H1 2020 by 41,209 tonnes.

Pressured by rising supply and cuts in steel production, iron ore has fallen roughly 40% since mid-July.