COPPER has bounced back from the effects of COVID-19, rising to US$5700/t, the highest it’s been in three months.
The high level has been due to robust demand from China, the world’s top consumer of copper.
It’s a welcome spike for the base metal, which dropped to $4300 in March.
Copper production is expected to climb by 3.1pc between 2020 and 2029 as global output increases by more than 6mt.
BHP is currently awaiting approval from the South Australian Government for a copper production increase from 200,000 to 350,000tpa at its Olympic Dam mine.
South Australia is the country’s main copper explorer, with national exploration budgets for the commodity reaching $272m last year.