Copper surplus to slow projects: Antofagasta

Apr 05, 2013 | 11:48 AM | Andrea Hotter

Tags  copper, copper surplus, Antofagasta, copper demand, copper warehousing, China demand, Diego Hernandez, Cesco Week Andrea Hotter

SANTIAGO, Chile — Copper is expected to be in a small surplus for the next couple of years as new capacity opens and mine performances improve, but the slow pace at which new production is developed will tighten the market again by 2016, Antofagasta Plc chief executive officer Diego Hernández said.

"We think the market is still quite tight this year—not too different to last year—but we see a small surplus by the end of the year because there is new copper coming to the market from new mines, new projects being commissioned and mines that are performing better than before; mines that had problems but are normalizing their operations," he said. "In 2014 and 2015 we expect a small surplus, but from 2016 onwards we see things tightening again." ....

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