Report
Copper: The market balance and the impact on prices
The copper market’s previously held view was calling for a surplus for at least the 2024-25 period. With the Cobre Panama ’s operation now effectively stopped , the implication on the market balance is in our view severe . Will the closure be permanent or not? And h ow will a permanent closure affect the copper market? In addition to Cobre Panama’s closure , we look at the implications of underinvestment in expansion capex that has been going on for years. The combination of both situations leads us to believe that the market will be in deficit for a prolonged time with no quick fix in view. Coupled with a relatively supportive macroeconomic view , our short term and long-term outlo ok on copper is positive.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Bernard Dahdah
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