Strategy Report
The World’s Running Low On Copper
Copper markets will remain tight on the back of growing physical deficits and pressure on capex. Policy-rate increases by central banks, uncertainty over re-opening in China and its fiscal-stimulus plans in the short run restrain risk taking. In the long run, the implications of China’s inward turn will keep supply-concentration risk for metals high, given its dominance of base-metals refining globally. Notwithstanding the disconnect between physical and futures markets, we remain bullish metals mining equities, and remain long the XME ETF.
BCAリサーチ | Commodity & Energy Strategy
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