BEIJING: Base metal prices rose yesterday, rebounding from a knee-jerk reaction to a bigger-than-expected rate hike by the European Central Bank in the previous session, while global supply risks also lent support.
Three-month copper on the London Metal Exchange was up 0.2% at US$7,336.50 (RM32,679) a tonne, while the most-traded August copper contract on the Shanghai Futures Exchange climbed 0.8% to 56,930 yuan (US$8,410.15 or RM37,461) a tonne.
Freeport-McMoRan Inc, the world’s top publicly traded copper miner, said current prices are not high enough to support new mines, which could worsen already tight supply.
Miners Vale SA and Antofagasta Plc cut their 2022 copper production outlook.
Supply risks also returned at MMG Ltd’s Las Bambas copper mine in Peru, one of the world’s biggest, after a 30-day truce aimed at resolving conflicts between local communities and the company ended. — Reuters