• 3 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 8 hours British Utility Companies Brace For Major Reforms
  • 12 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 14 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 15 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 16 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 17 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 18 hours Rosneft Signs $400M Deal With Kurdistan
  • 20 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Alt Text

This Major Political Shift Could Rock Copper Markets

Chile’s upcoming Presidential elections could…

Alt Text

This Copper Giant Is Buying Into An Unexpected Frontier

Copper giant Codelco is planning…

China’s Hunger For South American Copper Continues To Grow

Copper mine Peru

The world’s largest copper mine is moving closer to a shutdown. With unionized workers at Chile’s Escondida operation yesterday rejecting owner BHP’s latest wage offer — and now facing a strike vote on Friday.

That’s a critical development for overall copper production from South America. A region that new data this week shows has become a major focus for the world’s number one copper-importing nation: China.

China’s General Administration of Customs released import statistics for 2016 on Tuesday. Showing that incoming shipments of copper concentrate from South America took another big jump during the past year.

World-leading copper nation Chile led the way. With imports from here to China rising 26.7% during 2016, to 4.74 million tonnes.

That’s almost the same percentage increase that China’s imports from Chile saw during 2015 — when shipments rose 27%. Suggesting that Chilean copper concentrate is increasingly in demand amongst Chinese buyers.

But there was another critical point in the new customs data. China’s copper imports from Chile’s South American neighbor, Peru are also on a tear.

Peru actually became China’s number two source of copper concentrate imports during 2016. With shipments from here totalling 4.61 million tonnes.

All together, Chile and Peru accounted for 55% of China’s total copper concentrate imports of 17.05 million tonnes in 2016. With the next-biggest supplier, Mongolia, shipping only 1.50 million tonnes. Related: Miners Shun Top Class Gold Assets In Egypt

That’s coming as Chinese firms are expanding their captive mining operations in these countries. With projects like Toromocho and Las Bambas helping to boost output from Peru the last few years.

The trend toward Chinese focus on South American copper is likely to continue. With Ecuador becoming a new center of supply — following the opening of the Chinese-backed Mirador mine, scheduled for 2018.

The Andean copper belt is one of the world’s richest, and access to Asia is good. Watch for more interest in projects here from developers in China, and other key copper markets in Asia.

Here’s to the go-to people.

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News