copper falls again to USD 9,394.90 per tonne on the international market
Copper should register a slight price drop again this week on the international market, indicates the note on the Mercuriales of the Ministry of Foreign Trade.
According to the projections of this service, copper should trade at 9,394.90 USD per ton this week against 9,583.70 USD per ton last week, a slight drop in price of around -188.8 usd.
On the London Stock Exchange, copper is selling at USD 8,967.15 per tonne this Monday, June 20, 2022 and registering a price drop of -1.24% compared to the end of last week.
The reasons behind the drop in copper prices on the international market
Global copper supply will exceed demand in the next two years, thanks to several large-scale mining projects, according to RBC Capital Markets.
The broker says it expects a price of 9,525 USD/tonne in 2022, then 8,270 USD/tonne in 2023 and 2024, against a background of “slight” surplus production.
Several major projects, such as Like Quellaveco in Peru, Timok in Serbia and Quebrada Blanca Phase 2 in Chile, should begin production in mid-2022 and early 2023, which will help meet the growth in demand.
Meanwhile, Chile, which accounts for around 30% of global copper production, remains hampered by quality and other technical issues.
