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According to statistics, international copper prices fell to a six-and-a-half-year low in November and have fallen by about 25%
so far this year.
Peru's copper production in 2016 is expected to rise 65.
5 percent to 2.
5 million mt as the M.
M.
Ltd Las Bambas project comes on
stream in February, Peru's energy and mining minister said Monday.
According to Chinese industry sources, some refined copper importers in China have cut their 2016 contract order sizes, expecting weak domestic demand and low prices to continue
.
A manager at a large trading company in Shanghai said it expected shipments of refined copper contracts to fall by 20-30 percent in 2016, with monthly contract imports falling to about
200,000 tonnes next year from 250,000 tonnes this year.
Sources said the decline in contract orders could cut refined copper inventories in the Chinese market and bonded warehouses, so any unexpected spike in demand could trigger domestic premiums and higher global market prices
.
To overcome weak import demand, suppliers have lowered their premiums over the London Metal Exchange (LME
) spot copper price.
Despite this, buyers are still planning to cut contract orders
.
Peru's deputy minister of energy and mining, Guillermo Shinno, said the Las Bambas copper mine should produce 250,000-300,000 tonnes
of copper in 2016.
Peru's copper production is expected to increase in the coming years, but civil group conflict is expected to threaten $56 billion in mining projects
.
Newmont Mining Corp's $4.
8 billion Conga copper-gold project ran aground
in 2011 due to unrest.
Southern Copper's $1.
4 billion Tia Maria project is expected to be blocked, and the government will not issue building permits
.
London, December 21, the International Copper Research Group (ICSG) released a monthly report saying that the global refined copper market was short of 26,000 tons in September and 77,000 tons
in August.
From January to September this year, the global refined copper market was oversupplied by 35,000 tons, compared with a shortage of 452,000 tons
in the same period last year.
Global refined copper production in September was 1.
9 million mt and consumption was 1.
93 million mt
.
China's bonded warehouse copper stocks were short of 47,000 tonnes in September and 46,000 tonnes
in August.
According to statistics, international copper prices fell to a six-and-a-half-year low in November and have fallen by about 25%
so far this year.
Peru's copper production in 2016 is expected to rise 65.
5 percent to 2.
5 million mt as the M.
M.
Ltd Las Bambas project comes on
stream in February, Peru's energy and mining minister said Monday.
According to Chinese industry sources, some refined copper importers in China have cut their 2016 contract order sizes, expecting weak domestic demand and low prices to continue
.
A manager at a large trading company in Shanghai said it expected shipments of refined copper contracts to fall by 20-30 percent in 2016, with monthly contract imports falling to about
200,000 tonnes next year from 250,000 tonnes this year.
Sources said the decline in contract orders could cut refined copper inventories in the Chinese market and bonded warehouses, so any unexpected spike in demand could trigger domestic premiums and higher global market prices
.
To overcome weak import demand, suppliers have lowered their premiums over the London Metal Exchange (LME
) spot copper price.
Despite this, buyers are still planning to cut contract orders
.
Peru's deputy minister of energy and mining, Guillermo Shinno, said the Las Bambas copper mine should produce 250,000-300,000 tonnes
of copper in 2016.
Peru's copper production is expected to increase in the coming years, but civil group conflict is expected to threaten $56 billion in mining projects
.
Newmont Mining Corp's $4.
8 billion Conga copper-gold project ran aground
in 2011 due to unrest.
Southern Copper's $1.
4 billion Tia Maria project is expected to be blocked, and the government will not issue building permits
.
London, December 21, the International Copper Research Group (ICSG) released a monthly report saying that the global refined copper market was short of 26,000 tons in September and 77,000 tons
in August.
From January to September this year, the global refined copper market was oversupplied by 35,000 tons, compared with a shortage of 452,000 tons
in the same period last year.
Global refined copper production in September was 1.
9 million mt and consumption was 1.
93 million mt
.
China's bonded warehouse copper stocks were short of 47,000 tonnes in September and 46,000 tonnes
in August.
