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Even copper bosses are not sure if the next step will go up.
Oct 30,2019 13:32CST
The content below was translated by Tencent automatically for reference.

Freeport-McMoRan Inc. Javier Tageta (Javier Targhetta), senior vice president of marketing, attended the industry's annual gathering in London this week.

"Market fundamentals are very optimistic in the short, medium and long term, but the mood is not so good," Targhetta said in an interview. " "We have always believed that once the uncertainty is eliminated, the copper market will be more dynamic."

Targueta said that the supply of mines in the copper market has been limited, and Freeport will further reduce processing fees paid to smelters to reflect this tension.

The processing fee for copper concentrate this year is set at a six-year low of $80.80 a tonne of processed ore, and it is not surprising to see them fall below $70, he said.

'copper is becoming more and more difficult to find and mine, which means it will be difficult for the industry to meet world demand, 'Mr. Targetta said.

'There are many compelling reasons on the demand side to bet on higher prices,'he said.

Targetta said Freeport calculates that the mining industry will need to look for another 100 million tons of copper over the next two decades to meet growing demand for renewable energy, electrified transport and urbanization projects. That is about five times the current annual output, not far from the 160 million tons of extra metal needed over the past two decades to meet China's unprecedented economic growth.

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