BHP Billiton Plc, the world’s largest mining company by market capitalization, said second- quarter copper production rose 15 percent from a year earlier.
Copper production reached 312,500 metric tons, the Melbourne-based miner said today in a statement. That’s above the 303,700 ton median estimate of five analysts surveyed by Bloomberg.
The global copper surplus will total 18,500 tons, according to the median of 22 analyst estimates compiled by Bloomberg, 85 percent less than a January forecast of 124,000 tons. Barclays Plc expects shortages in the first half of next year and Morgan Stanley and JPMorgan Chase & Co. anticipate an annual deficit. Prices will rally as much as 14 percent to $8,700 a ton by Dec. 31, the median in a survey of 15 analysts shows.
Copper stockpiles monitored by the London Metal Exchange rose 0.3 percent to 253,575 tons today and have declined 45 percent in the past year, according to bourse data.
The price of copper for three-month delivery was little changed at $7,590 a ton by 1:10 p.m. on the London Metal Exchange.
Read more at Bloomberg