Ann: Increased and Final Offer Ratio for Anglo American, page-50

I disagree entirely with their thesis. 2.5% growth in demand is laughable if even just India starts to industrialise on a mass scale like China.

Then there's Africa, where several nations are already showing signs of more consumption, plus all the other factors going on

- War
- EV's
- Electrification
- AI data centers
- Splits between east and west due to sanctions causing inefficient markets

Don't need all of them to eventuate for copper to be really bullish and even just India picking up pace will put serious pressure on the limited demand which needs higher prices to incentivise more production.

Should also add, this is not a short term trading thing. It's a long term systematic trend linked to the development of countries and declining supply that is cheap to extract. The one thing Macquarie got right is that there will be fluctuations inbetween.