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Copper exec: Market will stay tight for years

Capacity cutbacks could keep copper supply tight "for a number of years"

Dave Hannon -- Purchasing, 10/14/2009 1:24:13 PM

Capacity cutbacks by copper mines in the current recession could keep copper in short supply and copper prices high for "a number of years" according to one industry executive.

Javier Targhetta, senior vice president of marketing and sales at Freeport-McMoRan Copper & Gold, told Bloomberg this week he expects smelters to reach no more than 80% capacity in 2010 as mine supply will restrict output. The result could be higher copper prices.

As reported on Purchasing.com last week, copper prices are forecast to average $3/lb in 2011, according to a poll released by Cochilco, Chile's government copper commission.

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