| Chile Cohilco has reported that the surplus in Copper will be in the region of 66000 tonnes in 2013. The Chilean state Copper commission expects a surplus of 89000 tonnes in 2014. Total production of Chile that accounts for 15% of the country's GDP is expected to increase by 2.6% to 5.58 million tonnes in the year 2013. The expected numbers of Cohilco can set aside some worries relating to Copper surplus that was earlier expected to be in the region of 250000 tonnes in 2013. The worries of warehouse inventories are keeping the metal at the corner in 2013. Copper inventories have increased by 80% in 2013 so far. On LME, three month Copper prices were trading at $ 7473 per tonne, up $ 100 per tonne from last night. On MCX, Copper for April expiry was marginally down by 0.44% to Rs 407.2 per kg indicating a strong disparity from LME prices. The prices increased by 1.4% last night when LME Copper derailed last night. Source by Commodity Insights |
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