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Prices for copper, among the most used of the industrial metals, fell to six-week lows in New York at $3.56 (U.S.) a pound, driven lower on concerns global economic stimulus plans will not be able to revive slowing world economic growth.
Prices for copper, among the most used of the industrial metals, fell to six-week lows in New York at $3.56 (U.S.) a pound, driven lower on concerns global economic stimulus plans will not be able to revive slowing world economic growth.
(Konstantin Inozemtsev/iStockphoto)

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Canadian copper miners set to lose some shine in 2013

Rising production of copper in 2013 is expected to create a surplus of the metal for the first time since 2001, depressing the outlook for its price and Canadian mining stocks.

A recent report from the International Copper Study Group estimated that the production of copper will climb more than 6 per cent next year while demand is set to rise by only 2.4 per cent. If that comes to pass, the oversupply will cause a glut that would push the commodity price lower in the latter half of the year.