Rising mine output to keep copper price weak

Global copper mine output is on track to rise rapidly for a second successive year, despite a recent landslide and a tragic tunnel collapse at two of the world’s largest mines (Bingham Canyon and Grasberg respectively). In turn, higher production should add to the growing stockpiles of copper and to the downward pressure on the price of the red metal, which we expect to fall from around $7,250 per tonne currently to below $6,000 in 2014.