As we know, First Quantum's Cobre Panama mine was expected to contribute around 1.75% of the total global copper supply in 2024. With this single mine closure, it turned the copper market from surplus to deficit.
According to the CRU Group, Russia supplies 4% of the world's copper. That is 229% more copper metal units than Cobre Panama mine produces. Hence, the latest Russian commodity sanctions in theory could push the copper market into further deficit territory and drive copper prices sharply higher.
Copper Macro Thread, page-201
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