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Iván Arriagada, CEO of Antofagasta, a major global mining company, told Chilean media on Saturday that the global copper market will have a surplus of 200,000-300,000 tons by 2020, with the shutdown of some mines offsetting the drop in demand due to the
coronavirus pandemic.
、
In an interview with El Mercurio newspaper, Iván Arriagada said it was difficult to make predictions
about the price of the red metal because the market turmoil caused by the virus affected businesses worldwide.
However, "we believe there will be a surplus in the copper market by 2020, around 200,000 tonnes to 300,000 tons
.
" ”
This will be reflected in
copper prices against the backdrop of weak global demand, he said.
Antofagasta, one of the world's largest copper producers, recently said it had cut its capital spending plans for this year and that its copper production would be lower than its annual production expectations
.
Chile is the world's largest copper producer, and there has been no major disruption
to the country's copper exports so far, although Reuters reports that some of the country's miners are evaluating production cuts.
Iván Arriagada, CEO of Antofagasta, a major global mining company, told Chilean media on Saturday that the global copper market will have a surplus of 200,000-300,000 tons by 2020, with the shutdown of some mines offsetting the drop in demand due to the
coronavirus pandemic.
、
In an interview with El Mercurio newspaper, Iván Arriagada said it was difficult to make predictions
about the price of the red metal because the market turmoil caused by the virus affected businesses worldwide.
However, "we believe there will be a surplus in the copper market by 2020, around 200,000 tonnes to 300,000 tons
.
" ”
This will be reflected in
copper prices against the backdrop of weak global demand, he said.
Antofagasta, one of the world's largest copper producers, recently said it had cut its capital spending plans for this year and that its copper production would be lower than its annual production expectations
.
Chile is the world's largest copper producer, and there has been no major disruption
to the country's copper exports so far, although Reuters reports that some of the country's miners are evaluating production cuts.
