首页|BHP Billiton's added output cut may support copper prices
BHP Billiton's added output cut may support copper prices
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NSTL
Anglo-Australian miner BHP Billiton Ltd.'s plan to cut its copper production by another 80,000 metric tons this year was a surprise to the market and could drive copper prices higher. "We didn't expect it, as the market (in terms of demand) looks like it has improved," said analyst Shen Haihua of Southwest Securities in Shanghai, putting next resistance at 1,650 US dollars a metric ton for the London Metal Exchange three-month copper contract. "The BHP news can help copper to see quite a good gain," commodity strategist David Thurtell of Sydney-based Commonwealth Bank of Australia said. BHP Billiton's output cut brings the total copper production cut to 250,000 tons, including the 170,000 tons it announced in November. "BHP's additional cut will help the market to move into a balance faster," analyst Shen said. Given current supply tightness in the world concentrate market, any major concentrate output cuts may prompt refined output cuts, industry participants in Asia said.
NSTL
