Codelco unfazed by China, fickle tags

Apr 08, 2014 | 06:14 PM | Andrea Hotter

Tags  copper, copper prices, Corporación Nacional del Cobre de Chile, Codelco, Thomas Keller, China copper, Andrea Hotter

SANTIAGO, Chile — Volatile copper prices and concerns that a clampdown on shadow banking will lead to a flood of metal into China’s domestic market have not resulted in cancellations from customers, Corporación Nacional del Cobre de Chile (Codelco) chief executive officer Thomas Keller told AMM.

"We have had no cancellations from our customers. There are issues on the financing front, for sure, and perhaps there is some market sentiment that the carry of stocks doesn’t pay anymore," he said during the Center for Copper and Mining Studies’ annual Cesco Week in Santiago. "The devaluation of the local currency could impact short-term supply, there’s always that fear. But it doesn’t change dramatically the supply-demand equation for copper."....

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