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Chinese Buyers ask Copper Miners in Chile to Defer Cargoes

Metal News - Published on Fri, 07 Feb 2020

Image Source: China Copper, Coronavirus
Copper is joining shipments of everything from oil to crops that have been disrupted by the spread of the deadly virus, which originated in China. Bloomberg reported that China’s copper buyers are asking world’s biggest Chilean miners to delay shipments due to port shutdowns, adding to tumult in global commodity trade in the wake of the coronavirus outbreak. Chile copper commission Cochilco market coordinator Mr Victor Garay said “While the suppliers haven’t reported any contract breaches, they have verbally agreed with clients to reschedule some deliveries. Just like airlines don’t want to go to China, ocean freight companies don’t want to either. Some miners have had difficulties physically delivering the metal because of transportation stoppages and delays in China.”

Mr Garay said “It’s better to deliver the mining product. It’s understood that the situation China is going through is a short-term situation. If it were to last a year, we’d have to change our strategy. We’re following this and trying to figure out what it’ll mean for the first quarter.”

Delivery volumes are typically lower at this time of the year because of the Lunar New Year holiday, which China extended this time as it tried to combat the spread of the virus.

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Posted By : Yogender Pancholi on Fri, 07 Feb 2020
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