China capable of absorbing copper surplus: Antofagasta

Apr 07, 2014 | 05:14 PM | Andrea Hotter

Tags  Antofagasta, copper prices, Diego Hernandez, copper surplus, China, Andrea Hotter

SANTIAGO, Chile — China’s slowing economy will be able to absorb a copper market surplus in 2014 provided expectations for mine disruptions do not disappoint, according to Antofagasta Plc.

The London-based company anticipates a surplus of as much as 400,000 tonnes this year, Antofagasta chief executive officer Diego Hernandez said in an interview at the annual Center for Copper and Mining Studies’ annual Cesco Week in Santiago.

"If the accumulated copper market surplus is around or below 400,000 tonnes, it certainly can be absorbed in China," he said, but a larger surplus might be a different story. "If the surplus is twice that, then it won’t be easily absorbed by the Chinese economy. But I don’t think we will see a surplus reach that kind of level." ....

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