Codelco CEO Says Global Copper Surplus Won't Significantly Alter Prices

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“Copper prices will not suffer significantly from a moderate global surplus next year, the chief executive officer of the world’s No. 1 producer of the metal told Reuters on Tuesday,” (Reuters).

“‘We’re expecting that we’ll surely have a small metal surplus, but at relatively modest levels,’ Thomas Keller, CEO of Chile’s Codelco, said at the Ministro Hales mine project near the city of Calama in the nation’s mineral-rich north.”

“World demand for the red metal has exceeded supply since the global financial crisis, but increased output from new and existing mines has been expected to reverse that trend from 2013.”

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On Tuesday, November 12, the cash price of Japanese copper experienced the biggest change, rising 1.0 percent. The price of US copper producer grade 110 rose 0.3 percent. After a 0.3 percent increase, the price of US copper producer grade 122 finished the day. The price of US copper producer grade 102 gained 0.2 percent to finish.

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Chinese copper prices were mixed for the day. Chinese copper bar fell 0.3 percent yesterday. The Chinese copper cash price saw a 0.3 percent decline. The price of Chinese copper wire fell 0.3 percent. Chinese bright copper scrap saw little change in its price yesterday.

On the LME, the primary copper cash price inched up 0.1 percent to $7,133 per metric ton. The copper 3-month price saw little movement yesterday on the LME, closing out around $7,130 per metric ton.