I lay into Bloomie’s Latam coverage on occasion, so it’s only fair to shout out the good stuff too. This report on the current dynamics of the copper market, put together by reporter Matt Craze covering the CESCO industry bash in Santiago, Chile, has Codelco CEO Thomas Keller as the main feature but gets opinions from other corners of the sector as well, bullish and bearish arguments are examined, plus it’s clear that Craze has done his homework because there’s plenty of solid data delivered in the report, too. Here’s an extract:
China, which now consumes more than 40 percent of the world’s copper, will continue to grow between 6 and 8 percent a year, meaning the market may return to deficit if mining companies don’t execute on new projects, Keller said.
“We still think Chinese growth is going to continue, maybe with lower percentages than in the past, but with increases that in absolute terms or tonnage terms are still very significant,” he said. “We haven’t had any cancellations and there’s still lots of interest for our refined copper.”
This is a very good piece of business reporting, it’s recommended reading.