Bars of copper in a storage area at the Valjaonica Bakra Sevojno AD copper mill in Sevojno, Serbia, on Friday, June 16, 2023. Industrial materials from copper to iron ore headed for a third straight weekly advance amid increasing bets on more government stimulus measures in China, the biggest consumer of metals. Photographer: Oliver Bunic/Bloomberg --
The gain comes after a surge in cathode exports from China and into the LME network caused copper prices to slump 19 per cent from all time highs in May. China accounts for more than half of the world’s copper consumption and the exports, combined with weak industrial data, undercut bullishness around the metal’s demand prospects in artificial intelligence data centers.
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