Base Metals

Mining.com reported that a presentation given in London by Glencore’s (LSE:GLEN) copper chief Telis Mistakidis suggests that a copper deficit could be coming much sooner than some think.

Mining.com reported that a presentation given in London by Glencore’s (LSE:GLEN) copper chief Telis Mistakidis suggests that a copper deficit could be coming much sooner than some think.

As quoted in the publication:

Typical disruptions associated with adverse weather, technical problems, power shortages or labour activity make forecasting a tough proposition.

To these variables add more recent factors affecting future supply which includes the fall in the price to near four-year lows which makes it difficult for miners to raise development finance (or raise wages for that matter).

That leads to project deferrals, commissioning delays and changes to mine plans and partly explains why the International Copper Study Group’s benchmark forecast for 2014 swung from a 400,000 tonne surplus in April to a 300,000 tonne shortage just six months later.

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