Copper Talk: Reuters report says Chinese copper demand will remain strong for 10 years
March 19, 2014
China buys 40% of the world's copper
Prices are spending another week below $3/pound.
Year-to-date prices are down over 10%.
An executive from Freeport-McMoRan Copper and Gold Inc executive said China will continue to be a major consumer of copper throughout the next decade. According to a Reuters report, Javier Targhetta, Freeport’s senior vice president for marketing and sales said:
"We are seeing still robust consumption in China. Of course there can be hiccups here and there. I think Chinese consumption of copper will keep growing for more than a decade."
It’s estimated China accounts for 40% of global copper consumption. The red metal has been attracting more attention than usual because copper prices are down more than 10% this year and are still below $3 per/pound.
