Copper hits a two-year high on supply disruption rather than demand strength
Mine output guidance was cut at two large operations. The demand picture has not changed.
Copper traded at its highest in two years after two major producers cut annual output guidance, citing grade decline and permitting delays.
It is worth being precise about the cause. This is a supply story. Copper is often described as a barometer of global growth, and a rally driven by mine disruption carries none of that signal.
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