Mining
Tuesday, September 6th, 2022 8:02 am EDT
The most-traded October copper contract on the Shanghai Futures Exchange advanced 1.9% to 61,220 yuan ($8,820.31) a tonne.
[Click here for an interactive chart of copper prices]
Officials in China said the third quarter of this year is crucial for rolling out stimulus measures and promised fresh policy actions to follow a stimulus package released in May.
“Today’s main driver is a weaker US dollar,” said a metals trader, adding that the news about China’s policy support boosted the metals complex since Monday.
“There are some dominant holders of material out there that want to push prices higher,” the trader said.
Meanwhile, copper inventories in China’s bonded warehouses fell to their lowest on record at 142,200 tonnes.
In Peru, copper output in July fell 6.6% year-over-year to 195,234 tonnes after two of the country’s largest mines underperformed.
Related: Chile, Codelco face another lost decade of output growth
(With files from Reuters)
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