The global copper market is headed for a surplus of between 200 000 t to 300 000 t in 2020, the head of miner Antofagasta told Chilean media on Saturday, with operation halts at some mines offsetting depressed demand due to the coronavirus pandemic.
Iván Arriagada, CEO of the Chilean copper miner, told the El Mercurio newspaper it was hard to make projections on the price of the red metal due to market volatility caused by the virus, which has impacted businesses worldwide.
"However, we believe that the copper market in year 2020 will have a surplus, which would be around 200 000t to 300 000 t," Arriagada said.