Even Miners Think Copper's Heading for New Lows as China Slows
- Copper watchers and producers expect new bottom, survey shows
- Some participants at copper event see surplus ending in 2018
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Even mining executives, by nature upbeat about copper’s prospects, are painting a gloomy picture for the year ahead.
Only a quarter of the 16 traders, analysts and producers surveyed at this week’s industry get-together in Santiago said the metal has reached a bottom. Among the other 12 respondents, which included some miners, the median forecast was for prices to fall to $4,000 a metric ton in the next year amid a glut. That’s 16 percent below prices today.