Copper rose to the highest since April

The price of copper jumped sharply, updating a three-month high, due to concerns about supply cuts. 

The price of copper on the London Metal Exchange (LME) soared by 2% to $8831.5 per ton, which was the highest since April this year. In July, copper rose by about 6%.

The main growth factor was the news that the Chilean mining company Codelco, the world's leading copper producer, lowered its annual forecasts for metal production by 70 thousand tons – to 1.31-1.35 million tons. The company also reported a 14% reduction in production in the first half of the year. In 2022, the company cut copper production by 7%.

Nevertheless, analysts are positive about the prospects for copper demand in China and the United States, two key economies in the world.

Aluminum is also growing: the price of the metal increased by 2.7%. Zinc also rose by 2.7%, while nickel prices remained virtually unchanged.