Rupture of copper demand to fuel surplus as industry hit by virus

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Rupture of copper demand to fuel surplus as industry hit by virus GlobeInvestor

This translation has been automatically generated and has not been verified for accuracy.A slide in copper demand as much of the world’s manufacturing sector is disrupted by the coronavirus outbreak is expected to fuel a surplus this year of up to a million tonnes in what was expected to be a balanced market.

CRU has told clients that the change in the copper market balance could be up to a million tonnes this year, but have not finalised a figure yet. At the start of the year, CRU was forecasting a deficit of 53,000 tonnes. But the tumble in copper prices - which have shed 22% so far this year - will take time to spur closures by mines.

“A higher dollar allows them to keep producing at lower costs. Margins are supported by lower local currencies,” said analyst Oliver Nugent at Citi.

 

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