November 16, 2016 / 2:12 AM / 2 years ago

UPDATE 1-Antofagasta CEO sees copper surplus next year, shortage after 2017

* Demand from renewable energy, transport sectors to grow (Adds comment on industry context)

SHANGHAI, Nov 16 (Reuters) - Chilean miner Antofagasta Plc’s Chief Executive Officer Ivan Arriagada said on Wednesday he expects the global copper market to be in a “slight” surplus in 2017 before demand starts to outpace supply.

“In 2017, the market will have a slight surplus, but that will start switching faster than anticipated into a shortage after 2017,” Arriagada said in a speech at the Metal Bulletin Cesco copper conference in Shanghai.

A lack of discoveries of major new deposits and declining ore grades at existing mines will remain a major long-term challenge for supply, he said, while demand for copper from the renewable energy and transportation sectors is expected to grow. (Reporting by Josephine Mason and Melanie Burton; Editing by Kenneth Maxwell)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below