SHANGHAI, Jul. 15 (SMM) – Foreign media reported that big sea waves, hitting Chile’s coast, have postponed copper exports from the second half of June.
“Work stopped for several days at ports during the second half of June due to huge waves, so copper shipments were delayed, and returned to normal in early July,” said one spokesman from Codelco.
According to data from Chile’s central bank, its revenues from copper exports fell 16 per cent in June on a yearly basis, and this was blamed for falling exports.
China is expected to see declines in arrivals of copper concentrate and refined copper from Chile, which scheduled to leave the country in July and August, due to the delay, but the impact is not estimated to be big, SMM predicts.
For the short-term disruption, Chinese buyers will act to buy resources from other suppliers to secure supply, and meanwhile, domestic traders have also reduced import volumes due to the unfavorable SHFE/LME copper price ratio and poor demand, SMM points out.
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