Chinese demand will improve the price of copper, says CEO of Southern Copper-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Inventory data
  • Copper scrap
  • Rare earth
  • Copper
  • MMi Iron Ore Port Index
  • Aluminium
  • Aluminum
  • SMM
  • Morning comments
  • Evening comments
  • Market commentary
  • Futures movement
  • Cobalt
  • price forecast

Chinese demand will improve the price of copper, says CEO of Southern Copper

Industry News 10:56:38AM Dec 05, 2014 Source:SMM

Author: Paul Ploumis
04 Dec 2014 Last updated at 06:18:17 GMT
MEXICO CITY (Scrap Monster): The Chief Executive Officer of one of the world's largest copper producing companies, stated that, the hiking demand for copper from China, and the economic  developments in other countries of the  world, would keep the  price of the metal  strong for the coming years.

The Chief Executive  Officer at the Southern Copper Corp, a company owned by  the Gupo Mexico, Oscar Gonzalez Rocha, anticipates that, the value of copper, by the next year, would be averaged to about 3 dollars per pound. As the demand for the metal in China is strong. Even so the expectation of the company is lower than the anticipated average for this year, 3.11 dollars per pound. The average value for copper in the year 2013 was 3.43 dollars per pound.

The CEO of the  company in an interview conducted at the headquarters of the company, located in Lima, stated that the Chinese buyers would continue to buy copper. This would help to keep the price of the commodity in balance. Even if it is not sure that the price of copper would not return to 4 dollars per pound, it is pretty  sure that the price would stay stable at 3 dollars per pound.

Many of the copper mines, including Southern Copper, are badly affected by the declining price of copper. The company announced that its net annual profit for this year to be 985 million dollars, and the net income of the company by the end of this year as, 1.3 billion dollars, which is a lower sum compared to that of the net income in the year 2013, which was 1.6 billion dollars.

The company declared that, in the coming years, it would fall a little short due to the decline in the price of copper. For the next year the, increase  in the production of copper and decline in the price of fuel, will help to rejuvenate the declined value of copper.

 

 

Chinese demand will improve the price of copper, says CEO of Southern Copper

Industry News 10:56:38AM Dec 05, 2014 Source:SMM

Author: Paul Ploumis
04 Dec 2014 Last updated at 06:18:17 GMT
MEXICO CITY (Scrap Monster): The Chief Executive Officer of one of the world's largest copper producing companies, stated that, the hiking demand for copper from China, and the economic  developments in other countries of the  world, would keep the  price of the metal  strong for the coming years.

The Chief Executive  Officer at the Southern Copper Corp, a company owned by  the Gupo Mexico, Oscar Gonzalez Rocha, anticipates that, the value of copper, by the next year, would be averaged to about 3 dollars per pound. As the demand for the metal in China is strong. Even so the expectation of the company is lower than the anticipated average for this year, 3.11 dollars per pound. The average value for copper in the year 2013 was 3.43 dollars per pound.

The CEO of the  company in an interview conducted at the headquarters of the company, located in Lima, stated that the Chinese buyers would continue to buy copper. This would help to keep the price of the commodity in balance. Even if it is not sure that the price of copper would not return to 4 dollars per pound, it is pretty  sure that the price would stay stable at 3 dollars per pound.

Many of the copper mines, including Southern Copper, are badly affected by the declining price of copper. The company announced that its net annual profit for this year to be 985 million dollars, and the net income of the company by the end of this year as, 1.3 billion dollars, which is a lower sum compared to that of the net income in the year 2013, which was 1.6 billion dollars.

The company declared that, in the coming years, it would fall a little short due to the decline in the price of copper. For the next year the, increase  in the production of copper and decline in the price of fuel, will help to rejuvenate the declined value of copper.