Copper 02 (Nov 12 - Dec 25)

[winston]

Analysts are now forecasting a copper supply-demand deficit of 35,000 tonnes this year, compared to an expected surplus of 302,500 tonnes in the previous poll in October.

Source: Reuters

[winston]

Funds quickly buy back into copper’s super-cycle credentials

By ANDY HOME

Copper below US$9,500 per tonne is now cheap, according to analysts at Citi, who have raised their forecasts to an average US$10,000 in the fourth quarter of this year and US$12,000 in 2026.

Many other analysts are doing likewise. Reasons to be bullish include supply constraints, a turn in the old manufacturing cycle and an acceleration in copper-intensive energy transition sectors.

The promise of a further demand booster from artificial intelligence in the form of bigger data centres is the latest strand in copper’s bull narrative.

The only sceptics are physical copper users, who are not seeing any tangible signs of that promised boom in their current order books.

The European manufacturing sector is still in the recessionary doldrums, contracting for the 21st month in March, while US and Chinese factory sectors are showing only the first signs of expansion.

Source: Reuters

https://www.thestar.com.my/business/ins ... redentials

[behappyalways]

Copper deficits have risen to 4.48% already in Q1, up from 3.54% last year and 2.96% the year prior.
https://twitter.com/Mayhem4Markets/stat ... 8358224286

[behappyalways]

Anglo American Does Not Find BHP's $39 Billion Takeover Bid 'Attractive': Report
https://www.zerohedge.com/commodities/b ... ning-giant