Copper cuts not enough to end surplus in 2016, Freeport exec says
Copper production cuts will not be enough to end a surplus this year and demand will not catch up with supply until 2017, Freeport McMoRan (FCX -1%) senior VP of marketing and sales Javier Targhetta tells Bloomberg.
~700K metric tons of supply will have been removed in the year through mid-2016, but new supplies from mines added this year mean a glut will not be completely wiped out in 2016, Targhetta says.
Copper prices have tumbled in the past three years amid slowing economic growth in China, the metal's biggest consumer; meanwhile, production outpaced demand by ~147K tons in 2015, the biggest surplus since 2009.
"Long term I am very positive," Targhetta says. "I don’t see any new projects."
Quelle: stockcharts.com
Quelle: stockcharts.com
Quelle: stockcharts.com
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