Codelco Cutting Refined Copper Output in 2015

Chile’s Codelco will cut refined copper output and supply by five percent next year, according to Bloomberg.

As quoted in the publication:

Shipments of copper cathode will decrease to all markets, including China, the world’s biggest consumer of the metal and buyer of more than 30 percent of Codelco’s refined copper production, Rodrigo Toro, corporate sales vice president, said in an interview.

Daniel Hynes, Sydney-based senior commodity strategist at Australia and New Zealand Banking Group, told Reuters:

It should be viewed positively by the market, as supply growth has been strong over the past year.

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