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Copper Inventories Won't Hold Back Prices for Long

Copper Inventories Won't Hold Back Prices for Long

18 March 2017

Rising copper inventories at commodity exchanges have cushioned the impact of mine supply disruptions, but copper bulls need not fret. Seasonal build in inventories during Q1. Significant supply side issues to expedite the normal seasonal drawdown by Q2. This should set the stage for a significant jump in prices over the next one to two months." A standoff between striking workers and management at the world's largest copper mine, Escondida, is now in its second month, while workers at another mine in Peru, Cerro Verde, are also striking. Meanwhile, Freeport-McMoran Inc. is locked in a dispute with the Indonesian government over exports of copper concentrates from its Grasberg mine, the world's second-largest copper mine.