TECK - Copper price surges as China's reopening lifts demand hopes

Comex copper +5.2% to $4.556/lb (HG1:COM) in Thursday's trading, as China's strict COVID-19 lockdowns appear to be on the wane and China's cabinet announced a package of fiscal, financial, investment and industrial policies to revive its pandemic-ravaged economy. Freeport McMoRan (NYSE:FCX) +6.3% to its highest since mid-April, while other producers also are rallying, including (HBM) +8.6%, (TECK) +7.1% and (SCCO) +3.8%. ETFs: (NYSEARCA:COPX), (CPER), (JJC), (JJCTF) On the supply side, Chile - which accounts for more than 25% of the world's mined copper - reported a nearly 10% Y/Y decline in production in April, with output at state-owned Codelco down 6% to 116K metric tons and Collahuasi's production plunging 26.5%. Chile's environmental regulator initiated a sanction process against Antofagasta's (OTC:ANFGF) Los Pelambres copper mine for deficiencies associated with tailings management. Also, production in neighboring Peru - the world's no. 2 copper producer - has been disrupted by increasingly violent community protests

For further details see:

Copper price surges as China's reopening lifts demand hopes