Copper Macro Thread, page-300

Copper usage/demand is ~25Mtpa and there's a shortage of 1Mtpa, it's rough but near enough. CAGR is 2.5% and depletion in grade is 2.5%pa so there's 5% organic growth year on year.

A copper mine takes 17 to 21 years to come into production and there hasn't been any investment for a decade+... copper is scarce, Cobre Panama took a massive amount of production out, there's strikes.

Like any demand figures presented they're usually overly bullish and copper is no different. I'd watch this as it takes into account EV's whose growth has slowed markedly, China whose construction industry is being decimated and a potential global slowdown. Aluminium could also take some of copper's demand.

An A Grade Recession would disastrous however a soft landing and a China stimulus would help the bulls.