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November 2017 | Base Metals


Copper: Mine supply recovering


Copper miners had a much-improved quarter in Q3 after the production huge losses in Q1 and Q2. The top 10 mines look on course to have achieved growth of over 4% year-on-year and 10% quarter-on-quarter in Q3. This is in line with TC/RCs that have drifted higher lately and LME prices that seem to have lost upward momentum. Recovering mine supply will be the theme for H1 2018 also, but beyond that growth will slow, the concentrate market will tighten and the copper bull market will come alive.

Mine supply continued to recover in Q3...
Copper prices continue to consolidate, after weak Chinese import data and slightly underwhelming Chinese macro data, and stock inflows on the LME, SHFE and Comex. As the market consolidates, we take a look this week at the key production details from the copper miners’ Q3 reporting season.

Although some important results are yet to come in, notably from perennial laggard Codelco, overall, copper miners had a much-improved quarter after the huge production losses in the first half of this year due mainly due to unplanned disruptions. The top 10 mines look on course to have achieved growth of over 4% year-on-year and 10% quarter-on-quarter in Q3, after -4.4% and -8.1% year-on-year respectively in Q2 and Q1. Escondida...

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