The dollar’s rally paused on Tuesday, providing relief for bullion, which rose as much as 1.2%.

The move will add 30,000 tonnes of copper production from early 2023 to 2027, alongside the site's open pit operations.

The dollar’s relentless surge to repeated records is making commodities priced in the currency more expensive for overseas buyers.

No one saw coal prices of $400 to $600 per tonne coming, including those in the coal industry.

“In general the outlook is pretty weak for metals,” said Ryan McKay, a commodity strategist at TD Securities.

Merger with Acquisition Corp II will give it access to up to $285 million for the development of its Elk Creek project in southeastern Nebraska.

When it comes to copper, big miners and metals traders are warning that in just a couple of years’ time, a massive shortfall will emerge.

In a joint statement, the two countries said they agreed to deepen their "strategic partnership on supply chain resiliency".