Copper's Slump to Six-Year Low Isn't Enough to Spur Cuts: Chartby and
Copper’s slump to a six-year low isn’t enough to force miners to shut operations to reduce the glut.
Weaker currencies in producing nations, such as Chile and Peru, helped cut domestic-output costs, including labor, by about 13 percent last year, following a 10 percent drop in 2014, Erik Norland, a senior economist at CME Group Inc., said in an interview in New York. Slumping energy prices also led to lower expenses, he said. The falling costs mean that miners will be able to weather falling copper futures, and “production over the next several years is most likely to either flatline or increase further,” he said.