The official overseeing the world’s biggest copper industry is not losing any sleep over the recent pullback in prices, saying the underlying trend of rising demand remains intact despite hard-to-read daily market gyrations.

Copper surged to the highest in almost a decade last month on strong Chinese buying and as investors poured into commodities on the prospect that vaccinations and stimulus would unlock a sharp global recovery.

Since then, futures have retreated about 6% as the dollar and bond yields rose.

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