Iván Arriagada, CEO of Antofagasta, one of the world's largest copper producers, told Chilean media that the global copper market will have a surplus of 200000-300000 tons by 2020. In an interview with El Mercurio, he said it was difficult to predict the price of the red metal because the market turmoil caused by COVID-19 affected businesses around the world. Against the backdrop of weak global demand, this will be reflected in copper prices, he said.
Antofagasta has cut its capital spending plan for this year, and its copper production will be lower than its annual production forecast. Chile is the world's largest producer of copper, although Reuters reported that some of its mining enterprises are evaluating production cuts, but so far, the country's copper exports have not been significantly interrupted.