Copper Seen Near Bottom by Antofagasta as China Takes Supply
- Modest pickup in China demand may stem further declines: CEO
- Antofagasta is not a `swing producer,' no plans to cut output
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The head of Antofagasta Plc, the copper miner controlled by Chile’s richest family, believes prices of the metal are near a bottom as a modest pickup in Chinese demand next year is set to stem further declines.
“It doesn’t look like it will go down more than what it is,” Chief Executive Officer Diego Hernandez said in an interview in London on Thursday. Still, prices may remain flat through next year as a modest increase in Chinese demand is expected to absorb any supply increase, he said.