*Increasing Copper production*
In July’20, Copper prices hit a two-year high, partly due to possible supply disruptions in key producers, Chile & Peru, amid COVID-19 restrictions measures.
Peru, a top global metals exporter, saw its output of copper, gold and zinc nosedive in the first half of 2020, ravaged by restrictions put in place to curb the coronavirus outbreak in mid-March’20.
The world's second largest Copper producer witnessed a drop in output of 20.4% in the first half of 2020 versus the same period in 2019 which supported Copper prices.
However, mining activities gradually resumed in May’20 as the virus triggered lockdowns eased.
In June’20, Peru’s mines ministry reported copper production of 180,792 tonnes, 40.8% higher than the previous month as mines resumed production.
Even the mounting supply worries from Chile eased as the union of workers at Antofagasta´s Zaldivar copper mine (Located in northern Chile) reached a contract deal with the Chilean-based miner, averting the risk of a strike.
Increase in Copper supply from major producing nations might weigh on the prices.