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Silver, copper prices mark an impressive recovery from March lows

Declines in mining production helped buoy prices for the metals, as two-thirds of global silver output, and an estimated 13% of copper production, went offline during the initial shutdown-related measures, says Reddy.

“It’s harder to bring mining production back quickly than it is to bring demand back,” he observes.

In Chile and Peru, which account for nearly 40% of global copper output, coronavirus cases have accelerated and might lead to a second wave of mining shutdowns, he adds.

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