| With safety issues increasing the likelihood of a work stoppage at Freeport McMoran Copper & Gold Inc.’s Grasberg project in Indonesia, coupled with a strike set to begin Nov. 10 at the Antamina mine in Peru, the probability of a deficit in the copper market has significantly risen.
Estimates suggest that these two labour disruptions could remove 84,000 tonnes of mined copper supply through the end of 2014. Prices for the base metal have declined approximately 9% so far this year as traders anticipated a market surplus, but Dundee Capital Markets mining analyst David Charles pointed out that this excess metal has yet to materialize...............................................Full Article: Source
|