China's demand lag unsettles copper industry as Goldman sees rout

Santiago

MINING executives talking up copper's long-term prospects at this week's industry gathering in Chile are unsettled by the level of Chinese buying in recent weeks.

Traditionally, purchases accelerate after Chinese New Year celebrations. Not this year, according to Freeport-McMoRan senior vice-president Marketing & Sales Javier Targhetta and Aurubis chief executive officer Bernd Drouven.

While Freeport, Aurubis and Santiago-based Antofagasta expect demand to pick up on new infrastructure projects and as buyers look to capitalise on lower prices, some of the bankers, traders and analysts at the World Copper Conference in Santiago this week aren't so sure. The metal's down 12 per cent in the past s…