Production outages in the Copper market – Commerzbank
Production setbacks at major Copper mines are raising supply concerns. Indonesia’s Grasberg mine remains closed, and Chile’s El Teniente mine reported a nearly 10% drop in August output, highlighting ongoing disruptions in global Copper supply, Commerzbank's commodity analyst Barbara Lambrecht notes.
Copper production disruptions mount
"Reports of production outages in the Copper market are increasing: We have already reported on the closure of the world's second-largest Copper mine, the Grasberg mine in Indonesia. With a production capacity of 800,000 tons annually, this translates to a 'theoretical' monthly shortfall of 66,000 tons on the market."
"Now, Chile has also reported disappointing Copper production figures for August, which fell nearly 10%, or 47,000 tons, year-on-year. This was largely due to disruptions at El Teniente, the world's tenth-largest Copper mine, with an annual capacity of around 400,000 tons. While the operator is gradually resuming activities, full operations do not yet appear to have been approved."
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FXStreet Insights Team
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