Copper yesterday settled up by 0.74% at 816.05 as supply worries reemerged in Peru, the world’s second-biggest metal producer. Operations at Southern Copper’s Cuajone mine in Peru have been suspended for two weeks as protesters continue to block the company’s access to a water pool and other vital supplies. Keeping a lid on prices were growing demand concerns due to a renewed surge of Covid-19 infections in China.
Elsewhere, the world’s biggest producer Chile, recorded its lowest January output since 2011, with production sinking 15% compared to December and 7.5% from January 2021. China’s refined copper production in the first two months of 2022 rose 4.5% year-on-year to 1.7 million tonnes, data from the National Bureau of Statistics showed. On a daily basis, the average copper output stood at 28,831 tonnes over the January and February period. Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 19.9 percent from last Friday, the exchange said.
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