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CESCO: China can absorb copper surplus, Antofagasta ceo says
April 07, 2014 - 15:03 GMT
China’s slowing economy will be able to absorb a copper market surplus in 2014 provided expectations for mine disruptions do not disappoint, according to Antofagasta's ceo.
The company expects a surplus of as much as 400,000 tonnes
this year, Diego Hernandez said in an interview with Metal
Bulletin for the annual Cesco industry week in Chile. A surplus
much higher than this, however, might be a different story. "If
the accumulated copper market surplus is around or below
400,000 tonnes, it certainly can be absorbed in China. But if
the surplus is twice that then it won’t be easily
absorbed by the Chinese economy," he said. "But I don't think
we will see a surplus reach that kind of level." The
strong mine performance of 2013, which saw companies beat
expectations and operate with far fewer disruptions than
usual, is unlikely to become the norm, Hernandez said. "If all
projects arrive on time, we could have a surplus of 400,000
tonnes but it is...
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