Reported 5 months ago
Despite global fears of a copper shortage driving prices to record highs and sparking a $49 billion takeover battle, China, as the largest producer and consumer of copper, continues to maintain near-record production levels due to the availability of scrap metal. Chinese copper smelters are defying the scarcity of raw materials by processing more scrap metal, sustaining production despite the expected capacity reductions. The surplus in China is affecting global copper prices, which have recently retreated to above $10,300 a ton, posing challenges for further price increases.
Source: YAHOO