BHP’s Lower Output Forecast Fuels Copper to An 18-month High
Jan, 25th 05:04
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.
Buy Digital Call Option from 2.7100 to 2.7300 valid until 20:00 GMT January 25, 2017
The website/brand www.optionbanque.com is jointly operated by Capital Street BancClear Corporation Limited(SVG) and Capital Street Intermarkets Limited(MU). The services provided by Option Banque are provided by the two companies jointly, and all securities trading services offered by Option Banque are offered via the full services securities dealer licence Number C112010690 issued by the FSC Mauritius.