Ann: 2024 Scoping Study Alaska Range Copper Gold Project, page-106

Copper futures surged to above $4.25 per pound in April, the highest in 14 months, as data showing an upswing in global manufacturing activity supported expectations of strong demand for base metals. Industrial production in Germany rose more than expected in February, spurring optimism over European manufacturing output and adding to momentum-bidding for major commodity funds. The developments were aligned with a rebound in US manufacturing according to ISM data and upside surprises for both the Caixin and official Chinese manufacturing PMIs, challenging concerns about a slump in the sector for the two major copper consumers. On the supply side, disruptions in major African mines magnified previous setbacks in key mines in Panama and South America, driving Anglo American to downgrade its copper production guidance by over 160,000 tonnes. The pessimistic outlook for ore production drove Chinese smelters to move closer to a 10% joint reduction in output to improve margins.