The Globe and Mail reports in its Saturday, Nov. 28, edition that the rout in commodities is not expected to end any time soon. The Globe's Ian McGugan and Rachelle Younglai write that the copper picture is not so dire, but still problematic. The red metal has lost a quarter of its value this year, dropping to a low of $2 a pound, a price not seen since 2009. Despite the drop, Codelco, the giant Chilean producer that controls 10 per cent of the world copper market, vowed last month to stick to its output target. Codelco, sometimes referred to as copper's Saudi Arabia, also slashed the premium it charges Chinese buyers, another sign it is more interested in cutting prices rather than production. However, copper producer Freeport McMoRan recently trimmed production at one of its United States mines. HudBay Mineral chief executive officer David Garofalo says: "I think you will see more supply coming off. ... Glencore and Freeport have taken that leadership role already. I expect that among senior producers, we will see more of that." HudBay, however, has no plans to curtail its own production. It recently built two new mines, in Peru and Manitoba, which have helped push its production costs to below $1 a pound.