Codelco sees modest copper surplus in '14

Oct 09, 2013 | 12:36 PM | Andrea Hotter

Tags  refined copper, Codelco, supply/demand balance, surplus, Chile, copper price, Thomas Keller Lippold, forecast consumption

LONDON — The refined copper market will move into a small surplus of up to 300,000 tonnes in the fourth quarter and potentially more in 2014, but it will not be enough to affect prices, said Chilean copper producer Corporación Nacional del Cobre de Chile (Codelco).

Codelco president and chief executive officer Thomas Keller Lippold attributed the slight overhang in part to the delay in the increase in supply that was expected in the second half of the year.

"We still forecast a very modest surplus of between 200,000 and 300,000 tonnes for the fourth quarter of the year (and) maybe a small increase next year, but it’s just marginal in the context of the overall 25-million-tonne market," Keller told AMM.....

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