Copper sheds over 3% despite drop in output from top producers

Copper prices fell on Thursday, despite the dollar’s drop against most currencies and a decline in copper output from major producers.

Copper production from the world’s top 10 producers fell 3.7% y/y, during the second quarter this year, according to a report by the British company GlobalData.

This came due to lockdown restrictions in Chile, Peru and Mexico, which encompass several of the world’s largest copper mines.

Consequently, the total global copper production lost 2.6 million tonnes from 2.7 million tonnes during the three months ending in June 30.

The dollar index fell against a basket of currencies by 0.1% to 93.8 points as of 15:00 GMT, after it hit a high of 93.9 and a low of 93.5.

Copper December futures fell 3.1% to $2.94 a pound as of 14:56 GMT, after hitting a day high of $3.04 and a low of $2.93.