Copper prices recovered on April 22, 2022 on hopes of stimulus for China’s key consuming metals to support an economy hit by a protracted pandemic and supply concerns. from leading manufacturers Peru and Chile

Three-month copper futures on the London Metal Exchange rose 0.7 percent to $10,294 a tonne, after falling 0.8 percent on April 21, 2022.
Copper for May delivery on the Shanghai Futures Exchange rose 0.2 percent to 74,670 yuan ($11,639.91).
Technical signals are also positive as the LME finds support at the 50-day moving average. Chilean miner Antofagasta reported a 24% drop in copper production in the first quarter while Anglo American reported a 13% drop.
Shares of Preeport-McMorran fell more than 7% on April 21 after cutting their output forecasts for 2022 and 2023 due to expansion challenges in Indonesia.
A day earlier, Peru said it declared a state of emergency near the Cuajone mine amid growing protests against mining companies that have slashed the nation’s copper output by 20%.
Copper and aluminum were also supported by buying demand from industrial customers.
Copper stocks at LME warehouses continued to increase recently to 130,500 tons, the highest since October 2021, up 62% in the past 4 weeks.

BHP Group Ltd BHP slashed its annual copper production outlook as operations at its Escondida project in Chile were affected by worker protests as well as labor shortages due to COVID-19 cases- 19 increase.

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