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.
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado told Reuters, as the state-run copper miner is pushing to boost production up from its lowest in 25 years.
Alvarado said that a recent rise in copper prices is a positive sign, adding that any improvements would benefit Codelco’s finances, but said that Codelco must wait to see if they remain stable.
(By Fabian Cambero; Editing by Sarah Morland)
Comments