Copper maintains losses as production increases

Copper futures were hovering around $4.42 per pound on Thursday, at a low level for the first time in about 3 weeks.

This overturned media reports that Chinese copper smelters are planning to cut production next year to lower processing margins.

Meanwhile, China is due to release policy updates at the 3rd NPC on Friday, and the market is expecting some kind of stimulus to boost growth.

President Xi Jinping is urging the Communist Party to maintain “unwavering trust and commitment” to its own agenda.

Also, according to recent data, copper stocks in warehouses monitored by LME, Comex, and the Shanghai International Energy Exchange have increased since the beginning of July.