Doesn't sound like HGO should be locking in too much hedging at the moment.
Copper set to take off, Citi says
DAVID ROGERS
As copper hits 14-month highs, Citi has an urgent message for consumers and investors: buy now or pay the price of cost increases and missed opportunities in a new secular bull market.
Copper’s first secular bull market this century was led by China’s urbanisation and industrialisation.
In the early 2000’s the commodity shot up from $US1,600 to $US8,800 a tonne in just three years.
Citi says such explosive price gains may also be possible over the next few years if a cyclical recovery adds to the bullish long-term forces that it has identified.
Citi said copper’s second secular bull market this century was taking hold, 20 years after China urbanization and industrialization-led secular bull market.
That bull market was muted by cyclical weakness in the past 18 months.
This week Mr Layton revised up his short-term price forecast to $US9,700 from $US9,200 a tonne. His base case has copper averaging $US10,000 a tonne by the December quarter and $US12,000 a tonne in 2026.
His bull case has copper rising more than two-thirds of its current value, to over $US15,000.
“Explosive price upside is possible over the next two-to-three years too, if a strong cyclical recovery occurs at any time,”
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