How are power shortages affecting the copper market in China?

Since mid-2021, power rationing has hit at least 18 different provinces in China, across a broad range of sectors. The focus of provincial governments has been primarily on energy intensive industries such as steel, cement, chemicals and non-ferrous metals. So, what has this meant for copper supply and demand ? China accounts for 40% of world refined copper production capability and so any widespread disruption would clearly have a considerable impact on the global copper market. However, copper’s credentials as a relative low energy intensive and low emissions industry has to some extent, protected it from the more extreme measures taken in other sectors.