Freeport, Codelco see scrap as swing factor for copper supply

The supply surplus emerging in the refined copper market is insignificant in comparison to the large swings that can be seen in the supply of copper scrap as prices rise and fall, senior executives at Codelco and Freeport McMoRan told Metal Bulletin.

The consensus among analysts is that the copper market could show a surplus of about 200,000-300,000 tonnes in 2014, after recording a narrower surplus this year. In the context of the 21 million-tonne refined copper market, the surplus is relatively modest, and it could be offset quickly if there is a further deterioration in the supply of scrap, Freeport McMoRan svp of sales and marketing Javier Targhetta told Metal Bulletin in Shanghai. About 4 million tonnes of...


Mark Burton

November 26, 2013

02:24 GMT