Copper futures rebounded above $6 per pound on Wednesday, recovering from the prior session’s losses as restocking activity in China strengthened ahead of the Labor Day holiday from May 1 to 5. Official data showed that Chinese smelters produced a record volume of refined copper in March, with elevated prices for byproduct sulfuric acid boosting output and improving industry margins. Monthly production reached 1.33 million tons, the highest level in records dating back to 1990.
Looking ahead, copper output is expected to soften in April and the following month due to seasonal maintenance at smelters, with the bulk of the impact likely to be felt in May. Elsewhere, Australian mining giant Rio Tinto reported a 9% increase in first-quarter copper production, supported by ramped-up operations at the Oyu Tolgoi mine in Mongolia.
