The US dollar was on the downward path overnight and was at 95.03 as at 09:53 am Shanghai time, sending risk-on sentiment around the market.
The most-traded copper price on the SHFE rose 450 yuan ($65) per tonne this morning, with additional support coming from reduced output at Codelco’s Chuquicamata mine and the bullish outlook for copper demand expressed during LME Week.
“Copper prices are finding support on supply concerns over output reductions by Codelco,” according to a Shanghai-based copper analyst.
“This comes amid a bullish outlook from traders attending this week’s LME Week meetings in London. Strong Chinese demand and ongoing constraints in mine...