Copper was flat at $7,042.50 per tonne on Wednesday, according to Reuters.

BHP Billiton (LSE:BLT) reported that its copper production increased to 1.7 million tonnes in fiscal year 2014 and anticipated a further increase this year. This is consistent with industry-wide expectations of increased copper supply in the year ahead. Other factors impacting copper prices include an eight-month high of U.S. home resales in June, which indicates a growing housing market, and the Indonesian elections, which may alter existing mineral export laws in the country.

Copper futures for February delivery on the Comex in New York dropped 0.27 percent or $0.01 to trade at $3.199 per pound, according to