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Montag, 12. Oktober 2015

Rio Tinto vs. Glencore, Mining: Rio Tinto vows to not cut copper output despite falling prices

Kampf der Minengiganten. Während Glencore massive Produktionskürzungen in Aussicht stellt, visiert Rio Tinto die Ausweitung der Marktmacht im Minen-Sektor an. Der eiskalte Kampf um Marktanteile geht in die nächste Runde.

Rio Tinto vows to not cut copper output despite falling prices

Rio Tinto (RIO -2.1%) again warns that it will not cut copper production even though current prices of the metal do not reflect fundamentals, saying it would be illogical to hold back output and leave space in the market for higher-cost rivals.
The comments from Jean-Sebastien Jacques, Rio's head of copper and coal, come just days after Glencore said it would cut its zinc output by a third after the price of the metal fell to five-year lows.
Jacques says concerns about weak demand from China are overblown and that the second half of the year was shaping up to be better than the first half.
He also says copper prices are not likely to recover in the near term because hedge funds are using the commodity as a way to place bearish bets on China.
BHP -1.3%VALE -3.8%.

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