Shakeel Ahmed, chairman of Hindustan Copper Ltd., India’s sole miner of the ore, comments on copper demand and prices once Japan starts rebuilding regions devastated by the earthquake and tsunami. He spoke in an interview in Kolkata yesterday.
“Japan consumes only 5 percent of the global copper demand, but as soon as reconstruction starts, this demand will go up. Prices, however, will not be influenced by Japan.”
On the Libya impact:
“The unrest in Libya will not have a direct bearing on copper prices. If the overall economic condition in the world deteriorates, or if industrial growth slows due to sustained higher crude oil prices, then those may see copper demand decreasing. As a result, prices may go lower too.”