The production rise will predominantly come from key producers Kazakhstan and Canada, says GlobalData.

Going into 2024, it is likely that miners will release into the market at least some excess stock they hold on any sign of a demand recovery.

Aluminum retreated as much as 1.1% on Friday, while nickel pared an earlier advance of as much as 1.2%.

President Joe Biden said the US plans to unveil a “major” sanctions package against Moscow on Friday.

A majority of the MRE is in the measured and indicated category, totalling 22 million tonnes at 0.48% copper for 106,000 tonnes.

The gold miner agreed to sell its Russian unit to Russian firm Mangazeya Plus.

Polymetal has been seeking to sell its Russian assets, which were put under US sanctions in 2023.

The application marks the latest flare-up in relations between two of Russia's biggest metal companies.