Stormy seas hit Chile copper exports, could buoy prices

jueves 14 de julio de 2016 21:18 GYT
 

MELBOURNE/SANTIAGO July 15 (Reuters) - Choppy seas off the coast of Chile caused widespread delays to copper shipments from the world's top producer in the second half of June, potentially supporting prices in a market grappling with oversupply.

Cargoes were stranded at ports as stormy weather prevented ships from loading, said miners in Chile, including world No.1 Codelco.

That could buttress prices in the short-term, although any impact is unlikely to last long as miners said exports were back to normal by the start of this month.

Delays could also hit import data for the month of July in top metals consumer China, with numbers due to be released next month.

"In the second half of June, the ports were closed for several days in a row due to weather issues, delaying shipments," a Codelco spokesperson told Reuters.

"However, in early July all those shipments were regularized."

Chile accounted for 30 percent of global mine supply last year, at 3.8 million tonnes, and around 20 percent of global refined copper supply, Reuters data shows.

Its copper export revenues were down 16 pct in June from a year ago, according to data from the country's central bank.

A spokeswoman for Chile's second-biggest copper mine Collahuasi, owned by Anglo American Plc and Glencore Plc , said its exports had been curbed by the rough waters, but declined to give further details.   Continuación...