Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Chile’s Codelco copper mine’s production fell 0.5% year on year to 132,700 tonnes in April, while global miner BHP´s Escondida mine saw a 16.5% drop to 85,700 tonnes, the country´s copper commission Cochilco reported on Wednesday.
Collahuasi copper mine – a joint venture by Glencore and Anglo American – meanwhile saw an uptick of 5.4% year-on-year production to 57,000 tonnes in April.
(By Fabian Cambero and Aislinn Laing)
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