Low copper inventories are a "good omen" for copper because they position the metal for material gains when economic activity rebounds, the chief executive officer of miner Freeport-McMoRan has said.
Richard Adkerson said in a conference call on the US copper producer's second-quarter earnings on Thursday July 23 that mine and scrap supply constraints were in focus, and that stocks had actually declined despite the effects of the Covid-19 pandemic."Supplies of copper during the Covid-19 pandemic have been affected. Both mine supply and scrap availability are lower, and notably inventories have remained low and have actually moved even lower in recent months," he said."This is very...