Copper supply expected to move into deficit in 2021, says StoneX

Copper supply expected to move into deficit in 2021, says StoneX

From northernminer.com

Copper was already trading near eight-year highs in January but prices for the red metal surged again in mid-February, with March contracts reaching $4.12 per lb. on Feb. 22 – nearing an all-time high of $4.58 per lb. in 2011, as investors bet that supply tightness will increase as the world gradually recovers from the covid-19 pandemic. Natalie Scott-Gray, a senior metals analyst at StoneX, forecasts copper demand in 2021 will rise by about 5% year-on-year, outstripping supply, which she expects to grow by 2.3% year-on-year. If her predictions come true, that means the global copper supply will move from a small ... (full story)

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