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On October 16, the head of Antofagasta Plc, Chile's richest family-controlled copper mining company, said that international copper prices are approaching bottoming, but copper prices are likely to remain stable next year, and moderate growth in Chinese demand is expected to absorb the increase
in supply.
That sentiment echoes Chile's mining minister, Aurora Williams, who said this week that copper prices would remain low next year and would rebound
steadily in early 2017.
Copper prices are down 16% so far this year as China's economy slows and demand for construction materials such as pipes and metal wires falls.
Hernandez noted that "if China wants to continue to grow at a reasonable pace, they need to continue to implement infrastructure and transmission projects
.
" If China's economy continues to grow at 6%-7% per year, copper demand will grow
at least half that rate.
”
Copper hit a six-year low of $2.
20 a pound in August, well below the all-time high of about $4.
66 set in 2011
.
Copper rose 0.
7 percent to $2.
43 in New York on Thursday
.
On October 16, the head of Antofagasta Plc, Chile's richest family-controlled copper mining company, said that international copper prices are approaching bottoming, but copper prices are likely to remain stable next year, and moderate growth in Chinese demand is expected to absorb the increase
in supply.
That sentiment echoes Chile's mining minister, Aurora Williams, who said this week that copper prices would remain low next year and would rebound
steadily in early 2017.
Copper prices are down 16% so far this year as China's economy slows and demand for construction materials such as pipes and metal wires falls.
Hernandez noted that "if China wants to continue to grow at a reasonable pace, they need to continue to implement infrastructure and transmission projects
.
" If China's economy continues to grow at 6%-7% per year, copper demand will grow
at least half that rate.
”
Copper hit a six-year low of $2.
20 a pound in August, well below the all-time high of about $4.
66 set in 2011
.
Copper rose 0.
7 percent to $2.
43 in New York on Thursday
.
