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Copper smelter maintenance in 2019 to tighten market – BMO Capital-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
12/14/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Reuters reported that planned maintenance at major copper smelters next year is expected to reduce supply of the refined metal, further tightening the market and pushing premiums higher. Smelter outages this year including those owned by Vedanta Ltd, Mitsubishi Materials and Aurubis caused a supply bottleneck, pushing up spot treatment and refining charges and boosting premiums for cathodes. Analysts expect to see further shortages next year.
BMO Capital Markets commodities analyst Colin Hamilton said “We could be heading for a second year when smelter outages are higher than mine outages which is unusual in copper. Flagged outages would not take the market by surprise.”
BMO forecasts a deficit of 250,000 tonnes in 2019 from a largely balanced market this year, which chimes with a shortage of 240,000 tonnes seen by Morgan Stanley. 有色金属展-铜材展-2019年广州国际有色金属工业（铜业）展览会-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition -Non-Ferrous Metal exhibition, 2019
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