Japanese smelter Pan Pacific Copper expects the global deficit in copper supply versus demand to continue into 2020 with demand growth of 1.5% only being modestly outstripped by a 1.7% rise in supply. There is evidence of declining demand in Chilean copper exports though, with a 4.9% year over year drop in 2Q due to weaker demand from China. Japanese demand increased modestly with a 2.4% rise over the same time period. There’s also been a fragmentation in supply market share from Chile to Japan. Antofagasta’s share of shipments fell to 23.2% in the 12 months to Jun. 30, 2019 from 46.4% i...