Copper futures climbed back above $6 per pound on Wednesday, rebounding from the previous session’s losses as restocking activity in China picked up ahead of the Labor Day holiday from May 1 to 5.

Official data also showed Chinese smelters produced a record volume of refined copper in March, as elevated prices for byproduct sulfuric acid boosted output and improved industry margins.

Production rose to 1.33 million tons, the highest level in data dating back to 1990.

However, copper output is expected to ease in April and the following month due to seasonal maintenance at smelters, with the bulk of the impact likely to be felt in May.

Elsewhere, Australian mining giant Rio Tinto reported a 9% increase in first-quarter copper production, driven by ramped-up operations at the Oyu Tolgoi mine in Mongolia.
Source: Trading Economics