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.
A grand event for thousands of people in China's non-ferrous metal industry
Shanghai colored net (SMM) annual meeting is the annual event of the metal industry, with an annual participation scale of thousands of people, domestic and foreign metal industry people gathered together to review and summarize the experience and harvest of the year, and lay the groundwork for the production, operation and operation of the coming year.
This year's "2019 China Nonferrous Metals Industry Annual meeting and 2020 (SMM) Metal Price Forecast Conference" was jointly created by SMM and China Renewable Resources Industry Technology Innovation Strategic Alliance and Shanghai Nonferrous Metals Industry Association. At the same time, the first "China Renewable Metals Industry chain Development Summit Forum" was held, and SMM metal price forecasting conference and waste battery recycling exchange were set up for you to enjoy. From the development of non-ferrous metal market to the recycling of renewable resources, from the detailed explanation of policies and systems to the research and development of industrial chain technology.
This is not only a meeting, but also a brainstorm for the industry to exchange information and collide with the spark of thinking!
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