600,000 ton copper deficit for 2011

"The world refined copper market is expected to have a 500,000-metric-ton to 600,000-ton deficit in 2011, even with a significantly weaker demand scenario, according to JPMorgan Securities Ltd.

Disruptions last year seemed to have wiped out most of mine supply growth, metals strategist Michael Jansen told a conference in Shanghai. As demand further recovers into 2011, supply-side issues will become more influential, he said. "

"Copper is also increasingly being seen as scarce and is in many ways adopting some store of value attributes normally associated with precious metals, he said in his presentation.

Jansen said his current forecast for the average London cash price is $9,713 a ton this year."

http://www.bloomberg.com/news/2011-01-15/copper-market-2011-deficit-may-be-as-much-as-600-000-tons-jpmorgan-says.html

Bring on Railway & No-Tree Hill drilling!
The high copper prices just keep adding value. We just need to find some more.

GZ