On Comex, copper for September delivery fell 1.4% compared to Monday, to only $9,619 per tonne due to pressure on metal imports from the Chinese market.

Before the new wave of Covid-19, the re-expansion of factories in the country of billions of people in July was at the lowest level in the past 17 months with the purchasing managers’ index (PMI) only decreasing. 50.4 points from 50.9 points in June. This immediately affects China’s fuel prices, directly affecting prices on international exchanges.

Accordingly, on Comex, copper for September delivery fell 1.4% compared to Monday, to only $9,619/ton.

China’s imported crude copper output is also in a long-term downward trend from a peak of 762,211 tons in July 2020. According to Roskill’s analysis, the country’s doubling of scrap copper imports within the first half of 2021 has made refined or raw items no longer popular in the list.

Evaluation firm Fitch Solutions said that it still believes in the uptrend of world metals prices, despite unusual fluctuations in recent days caused by the new strain of Covid-19. “Investors will still bet on demand when the world economy recovers any time the impact of Covid-19 weakens.”

Elsewhere, copper futures could come under upward pressure as the world’s largest copper producers in Chile face a strong wave of strikes. With an output of up to 1.2 million tons, accounting for 7% of global supply in 2020, mining managers at the Escondida mine are still unable to reach an agreement on a salary increase for workers, despite The Chilean government has made initial moves on a trillion-dollar support package for companies in the industrial fuel production and exploitation industry.

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