Copper Wobbles Mask Ongoing Demand Strength, Top Supplier Says
- Chile minister sees copper supply side maintaining discipline
- So far rising Covid-19 cases in Chile haven’t hurt production
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The official overseeing the world’s biggest copper industry isn’t losing any sleep over the recent pullback in prices, saying the underlying trend of rising demand remains intact despite hard-to-read daily market gyrations.
Copper surged to the highest in almost a decade last month on strong Chinese buying and as investors poured into commodities on the prospect that vaccinations and stimulus would unlock a sharp global recovery. Since then, futures have retreated about 6% as the dollar and bond yields rose.