Policy Shifts and Supply Chain Disruptions Drive Copper Bull Run

It’s déjà vu for China’s copper smelters. But how will it affect the global price of copper? The shortfall China faced in mid-2024 following the limited availability of copper ore in June led the country to significantly increase its imports of copper scrap as an alternative raw material. In fact, in the first five months of 2024, the world’s largest refined copper producer brought in nearly 1 million tons of scrap, putting imports on track for the highest level since 2018. By using more scrap, smelters can maintain…