Copper’s Tumble Not Over With Most Miners Still Making Money
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The pain rippling through the copper market isn’t yet threatening profits for most miners, and that could mean more tears for bullish investors.
Even with prices near a six-year low, about 90 percent of copper mines are profitable, meaning most producers have little incentive to reduce output, according to Standard Chartered Plc. Prices need to fall another 24 percent before major companies begin cutting back, Bloomberg Intelligence estimates.