Base metals prices were mixed on Wednesday morning in SHFE. Chile produced 466,500 tonnes in copper content in the month, down from 469,900 tonnes a year before, according to Cochilco. 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, the government said on Tuesday.
The world’s No. 2 copper producer said production of the red metal plunged 20.4% in the first half of 2020 versus the same period in 2019. However fading supply-chain issues may be weighing on copper as Peruvian production increased significantly over the last 3 months.
TREND : WEAK BULLISH
Time : 05/08/2020
Pivot : 2.8828
Technical View : LONG ABOVE 2.8923
Target : 2.9018, 2.9133, 2.9308