According to roskil, the UK consultancy, copper prices will continue to rise this year.

    Jonathan Barnes, an analyst at the company, told a copper market webinar that world copper consumption would be reduced by 3-4% by the end of the year due to the health crisis.

    This month, copper prices rose $3.02 a pound, a two-year high. Due to the delay in the resumption of the Kennicott mine smelter in Utah, Rio Tinto lowered its original production of refined copper from 165000 tons to 205000 tons to 135000 tons to 175000 tons.

    Roskil predicts that copper production will drop by 750000 tons to 1 million tons this year due to the disruption of mine production.

    Barnes also found that global copper inventories fell by 40% from March to the end of July, less than 600000 tons, and LME copper stocks had fallen to a 13 year low.

    Roskiel predicts that China's copper imports will increase by 11.5% this year.

    One third of Chile's goods are exported to China, while the proportion of copper is as high as 48%, according to prochile.

    Chile is the largest copper producer in the world.

    In early August, S & P global expected copper prices to pick up strongly in the third quarter as China's economy rebounded.

    Source: Ministry of natural resources