China Demand Slows Copper Prices Amid Global Supply Concerns

Copper prices have been affected by slowing demand in China, with futures falling below $6.55 per pound on Thursday.

The Yangshan premium, which reflects the cost of importing refined copper into China, declined to $96 per ton after reaching a high of $115 a ton last month.

Despite the decline in demand, concerns over tightening supply continue to underpin prices, with expectations that global mine output will be constrained.

Codelco, Chile's state-owned miner, has reportedly abandoned its target of producing 1.34 million metric tons this year due to setbacks at its mines and development projects.