Don't worry, we aren't in danger of peak copper any time soon.
Articles Tagged "copper supply"
Mineweb reported that the copper market may be subject to more tightening ahead, as Chinese demand is looking to pick up, while global stockpiles are shrinking.
Reuters reported that, despite upward pressure from force majeure being declared at Grasberg, copper slipped on Thursday over fears that central banks may be forced to curb monetary stimulus sooner than expected. As quoted in the market report:
Mining Weekly reported that Rio Tinto plans to ship copper from Oyu Tolgoi mine in Mongolia on Friday June 14.
Reuters reported that Freeport-McMoRan Copper & Gold Inc has declared force majeure at its Grasberg mine after a series of accidents has shut them down while the government conducts a probe.
Reuters reported that analysts are predicting that, while numerous shut downs will tighten available supply, they will likely not run into a deficit situation.
Bloomberg reported that BHP feels that supply may outpace demand this year on increasing stockpiles and production.
In the last couple of years, the combination of declining ore grades, labor disruptions and delayed or cancelled mine expansions has led to increased copper scrap consumption. Now, amid tightening supply, the price gap between scrap and refined copper is closing.
This week, copper was pushed around by both Chinese manufacturing data and statements from major miners Codelco and Xstrata.
Copper recovered after slumping to a two-week low this week, but the IMF and World Bank have forecast lower global growth, specifically for China, and that suggests that clouds are on the horizon for copper prices.