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Copper looking at deficit


The global copper market moved into deficit last year, with the International Copper Study Group estimating a seasonally adjusted refined deficit of some 60,000 tonnes in September 2010, the most recent figure available. All signs indicate that deficit conditions will continue through 2011.

Copper ore producers have sought to expand production to meet the improved physical market, which in many cases has made the copper price a good deal higher than the marginal cost of production, which in turn has attracted capital expansion dollars to brownfield and greenfield projects.

Top Copper Producers
(in thousands of tonnes)
Freeport-McMoRan Copper & Gold. Inc.3,944.00
Corporacion Nacional del Cobre de Chile1,955.00
BHP Billiton Ltd.1,085.70
Xstrata Plc894
Rio Tinto696.2
Anglo American Plc683.4
Antofagasta Plc508
MMC Norilsk Nickel500
Grupo Mexico SA de CV486
KGHM Polksa Miedz SA400
Kazakhmys Plc345.9
Teck Resources Ltd.286
First Quantum Minerals Ltd.227
Vale SA163
Lundin Mining Corp./Somincor SA79

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