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Copper mine closure may cause supply deficit

Issue Date:2014-10-30 00:00:00

Oct 30, 2014 02:22 GMT   Source:Scrap Monster

Tags: copper,  copper deficit,  workers strike,  copper mines,  price of copper,  lme

 Author: Paul Ploumis29 Oct 2014 Last d at 07:42:15 GMT

 

LONDON (Scrap Monster): According to the estimations, about 84,000 tonnes of copper supply would disappear by the initiation of the strikes in the copper mines, by the end of the year 2014. According to David les, a mining analyst at Dundee Capital Markets, stated that even though the price of copper is staying low at 9 percent decline at the LME, the surplus will be long eliminated by the end of the year 2014, as the su7pply deficit, yet has to be materialized.

 

A rise in  the price of copper is to be extended to the year, 2015, as the demand for copper in the construction industry, household sector as well as in the power sector of China remains to be strong.

 

At the beginning of the  year 2014, according to the analysts’ forecast, there ought to have a supply surplus of about 600,000 tonnes of copper, but if the strikes held by the workers in the mine work out well, the surplus will turn out to be a small one of about 70,000 tonnes, or hopefully there would be a deficit in the global market.

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