wipe out global surplus in 2024 Dwindling copper supply from Panama and Peru could wipe out global surplus in 2024
Reduced supply from major copper producers Panama and Peru may flip the global copper market into a deficit from surplus in 2024 or at least tighten oversupply if the disruptions are not resolved in coming months, analysts said on Tuesday.
Panama’s top court on Tuesday ruled that Canadian miner First Quantum’s contract to operate the Cobre Panama mine there is unconstitutional, while a union representing half of the workers at Peru’s Las Bambas mine went on strike.
If the Cobre Panama mine were to be permanently shut, then the market could easily move into deficit in 2024, said Macquarie analyst Alice Fox.
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