According to Rio Tinto’s head for copper Bold Baatar, the short-term prospects for copper is “quite robust,” with global stocks heading lower and mining disruptions loosing supply from Latin America.
As the world economy picks up steam following COVID 19, global copper inventory levels held in warehouses tracked by the London Metal Exchange (LME) reached their lowest level in 17 years last month.
According to the supply gap coming from America and Mining interruptions occurring in nations like Peru, there are truly major copper shortages overall.
But, according to power data analysis, key mines copper in Peru are restarting operations, which could increase supplies from the world’s second-largest producer.