Copper futures have breached five-week highs of US$3.88/lb driven by increased demand from China and indications of interest rate cuts in the US. In China unwrought copper imports increased by 2.6% in the first two months of 2024 as well as a 0.6% increase in copper concentrate imports.
While the property sector remains weak, copper producers are looking to ramp up production in response to EV and renewable demand.
AW1 Media, page-40
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