Author: Paul Ploumis
24 Oct 2014 Last updated at 05:45:39 GMT
LONDON (Scrap Monster): There are also many assumptions that the closure of many smelters may play an important in the global market of copper, and due to other vital reasons the copper supply may not rise as predicted, shattering the expectations of many. But even so, these suggestions and positive predictions is not likely to have any kind of effect on the price of copper in the coming year, as it is mostly expected to go weak, even after the recent reports showing a hike in the quarter for consumption of copper in China, increasing the demand.
There has been many concerns raised regarding the decline in the supply produced in Chile, the supplier of about one third of copper in the world. The forecasts regarding the supply have been now declined to twice low compared to the earlier predictions as the world’s largest producer of copper, Codelco, has been having problems with its equipment used in removing arsenic from the copper ore, at the company’s vital mine, the Ministro Hales Mine, and lead to the cancellation of a number of orders from China.