Goldman Sachs analysts said the current price strength “is not an irrational aberration” but rather “the first leg of a structural bull market in copper.”

The incident occurred at the Diaoshuidong coal mine.

It remains uncertain whether the unloadings are exceptions to meet specific demand or a sign of a broader unfreezing.

The world’s biggest supplier of cobalt has extended its supply agreement with battery maker GEM Co., allowing the Chinese company to secure supply of the crucial metal until the end of the decade.

Metal is well placed to benefit from the decarbonisation targets of some the world's biggest economies including top carbon emitter and top metals consumer China.

Coking coal prices in China have soared to a four-year high after a new covid-19 outbreak slowed border crossings from Mongolia.

Metal was the top performer among LME metals last month.