Iron ore price at almost 2-week high on better China data, stimulus hopes

Copper prices recently hit a record high above $11,000, but have since retreated due to rising inventories and economic weakness in China.

Scrap typically accounts for about 9 million tonnes or roughly 30% of global copper supplies annually.

The monetary value of the copper is about 110 million yuan ($15 million).

According to a New York Times report, the issue originated with a batch of the metal from a Chinese producer.

"The structural trends suggest that the market is going to see more subdued performance rather than substantial recovery," analyst says.

“The plateau means they’re going to shift from real estate to manufacturing,” Bartolomeo said during a conference.

China's imports of zinc concentrates fell sharply over the first four months of this year in response to a tightening raw materials market.

Wuchan Zhongda Group, which had sales of $80 billion in 2023, bought 2,000 tons of refined copper from a Russian smelter that should have been delivered last month.

Macquarie sees a market recovery driven by strong demand from the steel sector.