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Copper demand to overtake supply in 2017 - 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
3/10/2016 non-ferrous metals expo |
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Copper demand won¡¯t catch up with supply until 2017, according to a senior official at Freeport-McMoRan Inc., the largest publicly traded copper producer.
Demand will increase slightly more than 2 percent a year on average through 2020, Javier Targhetta, a senior vice president of marketing and sales at the Phoenix-based company, said Tuesday in an interview. The deficit will widen after 2017 because no new mines will be coming on stream, Targhetta said, and he wouldn¡¯t be surprised to see a 500,000-metric ton deficit by 2020.
¡°This year there is a new wave of copper expansion being started,¡± but demand will catch up with production in 2017, Targhetta said at Metal Bulletin¡¯s International Copper Conference in Lisbon. ¡°Long term, I am very positive,¡± he said, because he doesn¡¯t see any new projects after that.
The metal¡¯s earlier slump wasn¡¯t justified by the fundamentals and was exacerbated by falling oil prices and investors pulling out from investment baskets of commodities, Targhetta said.
- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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