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BHP's Lower Output Forecast Fuels Copper to An 18-month High

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    • BHP’s Lower Output Forecast Fuels Copper to An 18-month High
Jan, 25th 05:04
Copper2

Copper prices rose steeply on Tuesday to an 18-month high, with the latest leg up fanned by global production problems at BHP Billiton Ltd.

The world’s largest miner by market value has been facing with a prolonged power blackout at a vast Australian mine which caused BHP’s copper production for the half year to end December to drop 7% to 712,000 tons. In addition, BHP has grappled with threatened strike action by workers in Chile which may trim its output at the Escondida mine.

As a result, the company lowered its full year guidance for this fiscal year given a sharp fall in first-half output. BHP forecast a supply of 1.62 million metric tons of the metal during the year through June, down 2% or 40,000 tons comapred to a prior estimate.

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