https://www.miningweekly.com
Copper
Copper
copper

Copper climbs to 11-week high on Panama mine risk, shortfall

1st December 2023

By: Bloomberg

  

Font size: - +

Copper advanced to the highest level in 11 weeks on concerns over the looming shutdown of a large mine in Panama and amid expectations of a widening ore supply deficit in 2024.

The Panama government has said it will shut First Quantum Minerals’s Cobre operation, which produces about 1.5% of the world’s supply. The mine already suspended output last month as a blockade of boats restricted key supplies amid mass protests from environmentalists and labor unions.

The disruption comes as the gap between demand and supply for copper ore is set to widen next year, according to BloombergNEF. Two key producing regions — Chile and Peru — are facing bottlenecks in increasing output, while demand is rising in China, it said. Copper prices are likely to remain elevated, it added.

Copper climbed 4.4% in November, the first monthly increase since July, as a slew of stimulus in China improved the outlook for commodity demand in the top consuming nation. A weakening dollar also helped commodities priced in the greenback as they became cheaper for buyers in other currencies.

Copper rose as much as 0.5% to $8,507 a ton on the London Metal Exchange, before trading at $8 490 by 11:09 a.m. in Shanghai. Most metals were higher, with aluminum and zinc up 0.2%.

Edited by Bloomberg

Comments

Latest News

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 01 March 2024
1st March 2024
Implats CEO Nico Muller
Implats expecting phased reduction in group output
29th February 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.347 0.384s - 89pq - 2rq
Subscribe Now