Copper price to remain constant until the latter month of 2015, says Antofagasta

Author: Paul Ploumis
24 Nov 2014 Last updated at 04:57:30 GMT
SANTIAGO (Scrap Monster): The Chief Executive Officer of Antofagasta, Deigo Hernandez stated that,  three month low copper stock in the London Metal Exchange, was trading lower at 0.92 percent, at the value of 6,623 dollars per tonne. This recent value of the metal  can be compared with that of the value of copper metal, which was at 10,000 dollars at the early period of the year 2011.

Hernandez, further stated that, the price will remain as it is for the remaining year, as well as for the  next year, but towards the end of the year 2016, we might actually see a small amount of surplus in the copper mining industry, which will eventually affect the price of the metal.

He further asserted that, Antofagsta, the London listed miner, which is owned as well as controlled by the Luksic family based in Chile, is revolting against the declining price of copper. The declining grade of the metal as well as the increasing cost of production in the copper mining sector. The company is targeting on closing the year’s production on reaching the target 700,000 tonnes of copper metal.