This Morning in Metals: Copper production from top 10 companies to rise up to 3.8% in 2021, GlobalData forecasts

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This morning in metals news: consultancy GlobalData forecast copper production from the top 10 copper mining companies will rise by up to 3.8% this year; meanwhile, the US Senate Committee on Homeland Security and Governmental Affairs advanced a bill that aims to strengthen Buy American requirements; and, lastly, US import prices rose in April.

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GlobalData: copper production from top 10 companies to rise by up to 3.8% in 2021

copper mine

Gary Whitton/Adobe Stock

Amid a run of record copper prices, increased copper production this year could take some of the steam out of the market.

According to London-based consultancy GlobalData, copper production from the top 10 copper mining companies in the world could rise by up to 3.8% this year.

Meanwhile, output from the 10 companies — which includes Glencore, Antofagasta, BHP and Freeport-McMoRan — fell by 0.2% in 2021, GlobalData reported Thursday.

Senate committee advances bill to strengthen Buy American

The Senate Committee on Homeland Security and Governmental Affairs continued to advance a bill that seeks to strengthen Buy American requirements.

The bills is cosponsored by Sens. Chris Murphy (D-CT), Lindsey Graham (R-SC), Sherrod Brown (D-OH) and Debbie Stabenow (D-MI).

The committee ordered the bill “to be reported with an amendment in the nature of a substitute favorably.”

Upon approval, the bill calls for the secretary of commerce to issue a report after no later than 180 days to Congress and the president on implementation and compliance with Buy American laws. Furthermore, it calls for annual reports thereafter for two years.

In addition, the report is to include “recommendations for policies for executive agencies to ensure that, to the extent permitted by law, Federal financial assistance awards and Federal contacts maximize the use of goods, products, and materials mined, produced, and manufactured in the United States, including manufactured products, components of manufactured products, and materials such as steel, iron, aluminum, and cement and services.”

US import prices rise in April

US import prices rose by 0.7% in April, the Bureau of Labor Statistics reported this week.

The increase follows an increase of 1.4% in March.

“Higher prices for fuel and nonfuel imports contributed to both the April and March advances,” the BLS added.

Meanwhile, export prices rose by 0.8% in April. Export prices rose by 2.4% in March.

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