MINING PHILIPPINES CONF: CRU sees copper prices at $7,715-8,820 until end of the year

Copper prices will be about $7,715-8,820 per tonne until the end of the year, CRU Strategies associate consultant Richard Schodde told Metal Bulletin.

Copper prices will be about $7,715-8,820 per tonne until the end of the year, CRU Strategies associate consultant Richard Schodde told Metal Bulletin.

Speaking on the sidelines of the Mining Philippines 2012 conference and exhibition, he said uncertainty about Chinese demand dominated the picture. “We don’t see any breakout in prices right now,” he said.

“There’s a large stockpile in China. The question is: how easy is it for people to access those stockpiles? They can’t be released and also [these supplies are] tied up by other factors, which constrains their ability to be liquidated,” he added.

The copper supply has been tight, because mining projects have been delayed and deferred in response to the decline in Chinese demand, Schodde told delegates.

The economic environment is gloomy in Europe and the USA, and there has been some concern over the latest figures for China’s industrial production and construction figures, which suggest its economy is slowing down, but, even then, these are still good figures, Schodde added.

“This is gloom, doom and no boom,” he said, “but it gets better later [in the decade],” he added.

CRU sees copper’s price growth prospects as “mild” in the first half of this year, and “warm” in 2013. The hot metals in 2013 are tin, aluminium, vanadium and palladium, he said.

Undeveloped copper projects will continue to constrain supply
There are 560 undeveloped copper deposits worldwide, containing 880 million tonnes of copper.

“Not all the projects will be developed. [Historically, only] 60% of the copper [that’s] discovered gets mined,” Schodde said.

The top 10 undeveloped deposits contain 200 million tonnes of contained copper, he added.

Shivani Singh
shivani.singh@metalbulletinasia.com

What to read next
The publication of Fastmarkets copper concentrates TC index, cif Asia Pacific was delayed on Friday March 26, due to a reporter error.
State-owned copper giant Codelco has created two subsidiaries to further its expansion into lithium, a metal Chile has identified as essential not only for the global energy transition but for its own future development
After a month-long consultation period, Fastmarkets has refined the delivery terms for its international nickel sulfate price assessments, with Japan and Korea now the only accepted locations.
After an extended consultation period, Fastmarkets has amended the specified brands in its cobalt standard grade and cobalt alloy grade price assessments.
A growing focus by consumers on Scope 3 carbon emissions is putting raw materials, such as bauxite and alumina, in the spotlight
Fastmarkets invited feedback from the industry on the pricing methodology for cobalt sulfate, spodumene and graphite price assessments via an open consultation process between April 13 and May 18, 2023. This consultation was done as part of our published annual methodology review process.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed