re: Ann: Kitumba - Assay Results and PFS Opti... Source: Reuters
Adding some support to copper prices was a shutdown of Glencore Xstrata's PASAR copper smelter and refinery in the Philippines as it sustained heavy structural damage after Typhoon Haiyan battered the country and questions over China's production, Standard Bank said in a note.
China's refined copper output may have been inflated by more than 15 percent this year, smelter sources said.
"Rather than the start of a capitulation, we believe that prices are at worst settling into a new sideways trading range, with the risk in our view still lying to the upside as we head towards year-end," Standard Bank added.
Ann: Kitumba - Assay Results and PFS Optimisation, page-3
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