Codelco, Freeport see scrap as a swing factor

Nov 26, 2013 | 11:44 AM | Mark Burton

Tags  refined copper, copper scrap, Corporación Nacional del Cobre de Chile, Codelco, Freeport-McMoRan Copper & Gold, Javier Targhetta, copper surplus, copper prices London Metal Exchange

LONDON — The supply surplus emerging in the refined copper market is insignificant compared with the large swings in the supply of copper scrap as prices fluctuate, according to senior executives at Corporación Nacional del Cobre de Chile (Codelco) and Freeport-McMoRan Copper & Gold Inc.

The consensus among analysts is that the copper market could have a surplus of about 200,000 to 300,000 tonnes in 2014 after recording a narrower surplus this year.

The surplus is relatively modest in the context of the 21-million-tonne refined copper market and could be offset quickly if there is a further deterioration in the supply of scrap, Javier Targhetta, senior vice president of sales and marketing at Phoenix-based Freeport-McMoRan, told AMM sister publication Metal Bulletin in Shanghai.....

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