Copper prices declined as most traded Sept. copper contract on the SHFE closed down 0.7%

Copper prices declined as rising production in top producing countries, Chile and Peru, pressures prices that rallied to multi-year highs last month. The most-traded September copper contract on the Shanghai Futures Exchange (SHFE) closed down 0.7% at $7,386.68 a tonne. London and Shanghai copper contracts both hit a two-year high last month, partly due to expectations of supply disruptions in Chile and Peru amidst COVID-19 lockdowns. However, Chilean firm Codelco reported a 4.7% rise in January-June output.

Source: Reuters