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Mining Giant Glencore Sees Huge Deficit In Copper Coming

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Mining Giant Glencore Sees Huge Deficit In Copper Coming

The mining giant Glencore has warned that a huge deficit in copper is coming soon, as global demand for the metal continues to outstrip supply.

In a new report, Glencore predicts that the copper market will swing into a deficit of around 1.4 million tonnes by the end of 2020, as demand continues to grow while production fails to keep pace.

This is a significant change from Glencore’s previous forecast, which predicted a small surplus of around 200,000 tonnes.

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The sharp increase in demand for copper has been driven by China, where the government’s stimulus measures have boosted construction activity. This has led to a surge in demand for copper, which is used extensively in construction and manufacturing.

At the same time, production of copper has been hit by a number of factors, including bad weather, power shortages and strikes. This has led to a tight supply situation, with stocks of the metal at their lowest levels in a decade.

The combination of strong demand and tight supply is likely to lead to higher copper prices in the months ahead. Glencore’s report comes just a day after the price of copper hit a new two-year high on the London Metal Exchange.

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