Expectations for copper production in the second half of this year should be moderated after recent corporate earnings results for major mining companies show that the first half of copper output in 2012 was less than expected, said Barclays Capital in a research note.
According to Barclays, based on the earnings data, copper production for the companies that have already reported this news fell 3% overall in the second quarter.
The companies that have reported represent nearly 30% of the total global mine production, the British bank added.
LME Copper prices rose as investors pinned hopes on fresh easing measures in Europe and after Chinese officials promised further support for the economy ahead of key factory figures in the world's biggest metals consumer.
The expectation that the European Central Bank would announce new steps on Thursday to shore up the fragile economy was twined with caution that markets may be disappointed yet again after previous rallies were deflated when no action was taken.
Source: Commodity Online