Copper Surges as Global Supply Concerns Mount

Copper prices have surged above $6.7 per pound on Monday, nearing fresh record highs as concerns over global supply tighten.

China's refined copper output is expected to decline for a second consecutive month in August due to persistent shortages of copper concentrate and smelter feedstocks, highlighting increasingly tight raw material availability.

Tighter domestic tax-invoice regulations have reduced the availability of VAT-compliant recycled copper, further limiting another key source of smelter feedstock and putting pressure on refined output.

Codelco, Chile's state-owned miner, reportedly expects copper production to decline this year due to setbacks at its mines and development projects.