Reuters reported that Kazakh miner Kazakhmys used stockpiles to boost H1 copper output by 8% but said that H2 production would fall as the firm continues to adjust to weaker demand and a lower full year target.

The London listed firm has trimmed mine production after the global economic downturn depressed consumption of the metal widely used in construction and manufacturing.

Output of copper cathodes or refined copper, produced from its own material increased to 170,000 tonnes YoY boosted by processing stockpiled ore after it shut 4 high cost mines.

Cazenove said that “Copper production performance was good in Q2. The company has not revealed any financial details but we would expect Q2 to have proven reasonably buoyant from a cash flow generation.”

Recovering demand in China, the world's biggest copper consumer with nearly a third of demand and speculators have pushed up copper prices by 77% this year but are still 40% below their record high in 2008.

(Sourced from Reuters)