Copper production is rising at the fastest rate in a decade, prompting investors to bet on a price collapse.
The price of the element is key for the profitability of the large mining companies such as BHP Billiton, Anglo American and Freeport-McMoRan, as well as for the economy of Chile, which derives more than one eighth of its GDP from the metal, and other countries such as Mongolia and Zambia.
The inability of the world’s copper miners to boost production in response to soaring Chinese demand has been a key driver of the “supercycle” of high prices and bumper profits for the mining industry over the past decade.
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