Global copper producers are converging in Chile this week as tightening supply b...
SANTIAGO - Global copper producers are converging in Chile this week as tightening supply buoys prices, even as the industry grapples with declining ore quality, project delays and worries the U.S-China trade war may hit long-term demand.
With all that in mind, hundreds of investors, executives, analysts and regulators are gathering in Santiago, the Chilean capital, for the annual World Copper Conference. LME cash copper is expected to average $6,397 a tonne this year, a Reuters poll of 30 analysts shows, slightly lower than $6,437 on Friday.
The industry is moving to bring new supply online, but it will take time. Freeport, the world’s largest publicly traded copper producer, cut its 2019 output forecast at Indonesia’s Grasberg mines by more than half as it transitions to underground operations, a costly process that will take years. Tightening supply this year was Freeport, due in part to the Grasberg mine plan, while miner Glencore halved its 2019 output from its Mutanda copper and cobalt mine in Democratic Republic of Congo to 100,000 tonnes.
Copper is one of the metals that will benefit the most from an expected boom in the use of electrical vehicles, but significant demand for the low-emission automobiles is expected to only ramp up in the middle of 2020’s.
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