Author: Paul Ploumis29 Oct 2014 Last updated at 07:42:15 GMT
LONDON (Scrap Monster): According to the estimations, about 84,000 tonnes of copper supply would disappear by the initiation of the strikes in the copper mines, by the end of the year 2014. According to David Charles, a mining analyst at Dundee Capital Markets, stated that even though the price of copper is staying low at 9 percent decline at the LME, the surplus will be long eliminated by the end of the year 2014, as the su7pply deficit, yet has to be materialized.
A rise in the price of copper is to be extended to the year, 2015, as the demand for copper in the construction industry, household sector as well as in the power sector of China remains to be strong.
At the beginning of the year 2014, according to the analysts’ forecast, there ought to have a supply surplus of about 600,000 tonnes of copper, but if the strikes held by the workers in the mine work out well, the surplus will turn out to be a small one of about 70,000 tonnes, or hopefully there would be a deficit in the global market.