Copper prices are poised to move above the $7,000-per-tonne level next year as the supply impacts of the Covid-19 pandemic last well beyond this year and the market enters a prolonged period of structural undersupply, the chief executive officer of Eurasian Resources Group (ERG) said.
According to Benedikt Sobotka, around 700,000 tonnes of mined copper output has been lost to date due to disruptions related to the pandemic, with further disruptions looming in South America - especially in Chile.Visible copper inventories are down by a third year on year, copper concentrate treatment and refining charges (TC/RCs) have narrowed to the lowest level since 2012 and cif Shanghai cathode premiums firmed to multi-year highs in...