Experts predict a copper shortage by the end of 2019


Copper production in Chile, the largest copper producer, declined in February by 8.6% compared to February last year, noting the minimum level for almost 2 years due to heavy rainfall in deposits owned by Freeport-McMoRan. Peru, the second largest copper producer in the world, has also reduced the supply of this metal, as protest actions of indigenous people have been blocking the road to the port city of Matarani from Las Bambas, which is the largest in the country, for more than 50 days. The influence of these factors on the copper market, according to experts of Morgan Stanley, can lead to a shortage of this metal in the amount of 406 thousand tons by the end of 2019. In 2020, according to their estimates, the deficit will be reduced to 187 thousand tons. Experts expect that the average price of copper in the current year will reach 6 thousand 672 dollars per ton, increasing from the current level of 6 thousand 484.5 dollars per ton.

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