https://www.miningweekly.com

Copper market heading for surplus in 2020 – Antofagasta chief

4th May 2020

By: Reuters

  

Font size: - +

SANTIAGO – The global copper market is headed for a surplus of between 200 000 t to 300 000 t in 2020, the head of miner Antofagasta told Chilean media on Saturday, with operation halts at some mines offsetting depressed demand due to the coronavirus pandemic.

Iván Arriagada, CEO of the Chilean copper miner, told the El Mercurio newspaper it was hard to make projections on the price of the red metal due to market volatility caused by the virus, which has impacted businesses worldwide.

"However, we believe that the copper market in year 2020 will have a surplus, which would be around 200 000t  to 300 000 t," Arriagada said.

Against the backdrop of weak global demand, he said this would be reflected in the price of copper.

Antofagasta, one of the world's largest copper producers, recently said it had cut its capital spending plans for the year and its copper output would be in the lower range of its annual production forecast.

Chile, the world's largest producer of copper, has not seen major disruptions to its export of the metal so far, though Reuters has reported that some the country's miners were evaluating cutting production.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

North Ridge Pumps
North Ridge Pumps

North Ridge Pumps is an independent manufacturer of pumps. We have a proven track record for product support and customer service throughout the...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.048 0.687s - 128pq - 2rq
Subscribe Now