Chilean copper giant Codelco announced on Thursday that it is projecting strong demand for the commodity from China in the second quarter of the year.
"We're seeing really strong demand from China in this second quarter," Maximo Pacheco, Codelco chairman, said on the sidelines of the CRU copper conference in Santiago, Chile. "China is buying at these prices."
The comments come as copper prices have rebounded after reaching three-month lows two sessions before US President Trump paused his reciprocal tariff package for 90 days.
At 10:13 am ET, copper futures for May rose 3.79%, trading at $4.3515 per pound.