Copper output will exceed demand next year as a wave of new projects begins production, leading miners and traders to predict lower prices for the benchmark industrial metal.
The price of copper, used in electrical wiring, has already fallen 30 per cent from record highs in 2011 amid slowing Chinese demand and rising supply.
The shift into oversupply – or surplus – marks a dramatic change from the market trend of the past decade when surging Chinese growth combined with chronic mine underperformance to drive copper prices higher.
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