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Copper jumped to its highest intraday price since January 2023 as the bellwether industrial metal faces rising tighter supply and hopes for a recovery in Chinese demand.
Disruptions at major mines are forcing smelters to pay historically steep prices to obtain of mined ore, and Chinese plants — which produce more than half the world’s refined copper — are moving closer to implementing a joint output cut in response. “Last year, rising demand for renewables and EVs in China already offset the slump from the more traditional sectors like the property market,” said Ewa Manthey, a commodities strategist at ING Groep. “We expect this shift in demand drivers to continue this year.”
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