Copper Over Supply

The rocketing copper price in recent threemonths is expected to drop for the supply of copper surpassing the demand, whichwill offset the increasing consumption of accelerated Chinese economy.

According to 15 Chinese analysts, thecopper production will exceed the demand by 408 thousand tons in the next year,while the excess supply would reach 167 thousand tons in 2003. The future pricefor copper in August has increased 3.2%, but there would be a 6.1% decrease inthe end of the year.

The copper price has quadrupled over thedecade but fell along with other metals in this year. Rio tinto, BHP billiton enlargedtheir output wtih additional 3.4 million tons since 2003, which equals to ayear’s consumption of Europe. Morgan Stanley predicts that by 2017 their productionwould increase another 4.1 million tons.



Read more:Australia Business Comfortable with Abbott's Election


As it stands that the AEC (Australiaelectoral commission) has the Coalition with 86 lower house seats to labor’s 56 in Sep. 7th in the federal parliament election. Tony Abbott isAustralia’s 28th prime minister after a decisive swing to his LiberalNational party Coalition after winning more than half of the seats in lowerhouse. He would form a new cabinet. Abbott has promised to implement policy,including abolishing mining tax, to make the resources industry more globally competitive.

Tony Abbott claimed victory in front of ecstatic supporters at the Sydney Four Seasons hotel, declaring:” Australia in under new management and Australia is once again open for business. The carbon tax and MRRT (Minerals Resource Rent Tax) are expected to be canceled within one year because the two taxes are considered to be burdensome to enterprises and increase costs,resulting in a decline in competitiveness. Abbott also said that if elected prime minister, he will visit to Indonesia, China, Japan, South Korea and other Asian countries first, rather than Australia's traditional allies.


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