Important Copper Negotiations Reveal Limited Supply
The COVID-19 pandemic has made it hard for companies to negotiate deals, as evidenced by the Freeport-McMoRan copper benchmark deal. Instead of personally receiving key customers during the London Metal Exchange Week, miners have resorted to using virtual meetings, whose progress is slower than traditional face-to-face meetings, to hammer out deals. Apart from impacting gatherings, the pandemic is also affecting mine supply and stirring up market uncertainty. Javier Targhetta, Freeport’s senior VP of sales and marketing, expects that the deficit of copper concentrate in the market will continue. He adds that prior to the pandemic, inflexible supply of concentrates had…
