A slide in copper prices has hit miners hard, with Chilean copper miner Antofagasta no exception; on Tuesday, the company reported a 83 percent slide in pre-tax profits for 2015, sending the company’s shares 10 percent lower in opening trade in London.
Along with other commodities, Copper has seen a 15 percent slide over the last 12 months on the back of decreased demand and oversupply.
Asked whether a recovery in copper prices was on the cards this year, Antofagasta’s Chief Executive Diego Hernandez told CNBC that a rebound was not imminent.
“I think probably not this year. I think that this year we will see prices similar to the areas that we have seen since January and why – because supply and demand is tight but we will see a small surplus and with these market conditions any surplus affects the price,” Hernandez said.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.