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Supply Crunch and growing demand to keep copper price up - OZ Minerals-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
8/21/2018 铜材展- Copper exhibition -non-ferrous metals expo |
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Bloomberg reported that a supply crunch and growing demand will keep copper on track for longer-term gains despite a trade war and emerging market tensions that are roiling prices, according to Australian producer OZ Minerals Ltd. The metal rebounded Thursday to erase some losses after a 4 percent tumble a day earlier that sent it into a bear market. The Adelaide-based miner reported first-half net profit that rose 59 percent to AUD 128 million ($93 million) on stronger prices and cost cuts.
Mr Andrew Cole CEO said in a Bloomberg Television interview said that “There’s no new supply coming into the market that’s been recently announced and demand figures aren’t changed all that much over the medium to long term.”
OZ Minerals is constructing a second Australian mine, and in March agreed to pay AUD 418 million for Avanco Resources Ltd to add an operation in Brazil and a suite of development projects. Exploration teams are also examining prospects across Australia, Portugal and Sweden.
A lack of new mine projects means copper is facing a “structural deficit” as demand builds, according to London-based Sanford C Bernstein analyst Paul Gait. The market may face a shortfall of about 83,000 metric tonnes in 2019, according to Bloomberg Intelligence.
Mr Cole said in the interview that “There is a real supply-side pressure on copper resources in the medium to long term. Having new projects in your pipeline -- like we have -- puts you in a very strong position.”
有色金属展-铜材展-2019年广州国际有色金属工业（铜业）展览会
-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2019
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Source : BLOOMBERG
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