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Copper demand set to remain strong

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ETF Securities writes that investor optimism for copper has been buoyed by mine outages representing close to 12 per cent of global capacity.


ETF Securities writes that investor optimism for copper has been buoyed by mine outages representing close to 12 per cent of global capacity.

The firm believes that copper is likely to enter another year of deficit, but stocks are still elevated and will cap price gains. While capex cuts have been aggressive, it will take time for supply to fall. Projects in pipeline are unlikely to be cancelled.

Demand, however, is likely to remain strong as global growth and infrastructure spending increase. Over the longer term, a shift toward electric vehicles will provide an additional source of demand, the firm writes.

Since January 2016, copper has rallied 40 per cent, erasing all losses since May 2015. ETF Securities writes that investors have become increasingly optimistic about the metal’s prospects with speculative positioning in copper futures recently hitting an all-time high, more than 2.5 times its historic average.

While the price of the metal remains 40 per cent below the peak reached in 2011, many question whether the rally can continue.

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