Copper,31 Dec 2020 07:18
And I don't mean the "old bill"
I think we have a smidge of copper lying around.
From Glencore CEO,
"Turning specifically to copper, he noted that mining companies are going to have to go farther afield to find it. “There’s limited shovel-ready projects around the world for new copper mines,” he said. “The world has a challenging task to meet this new demand and it’s going to have to go to new geographies, it’s going to have to go to new locations where they lack infrastructure, and you don’t have the mining expertise in those new areas.”
Commodity analysts have already been forecasting shortages of the red metal. In a Dec. 20 research note, analysts at Bank of America Merrill Lynch warned that “copper mine supply has been virtually unchanged since 2017” and said they expect “a global copper market deficit in 2021.” The analysts noted that mine supply growth “has been low in recent years, as miners had cut back capex since 2012/2013,” and the situation has been exacerbated by slowdowns in production in major copper producing countries Chile and Peru.
Copper metal for three-month delivery on the LME in mid-December reached a seven-year high at US$3.62 per lb. (US$8,000 per tonne). “Copper has in our view the strongest fundamentals going into 2021,”
Copper has, in their view, "the strongest fundamentals going into 2021,”
Strong statement and we have a sheet load.