Here's a piece of BHP research by Dr Huw McKay Vice President, Market Analysis & Economics from Feb this year. It's a good, sober round up of most commodoties.
https://www.bhp.com/news/prospects/2022/02/bhps-economic-and-commodity-outlook#copper
Most analysts predicted a pull back in price this year largely on the back of a China slowdown. BHP bullish longer out on copper.
From the BHP, report, a few good titbits on the copper front:
"We expect the demand–supply balance to remain relatively tight in both copper and nickel.
Looking beyond the immediate picture to the medium–term, we continue to see the need for additional supply, both new and replacement, to be induced across many of the sectors in which we operate.
Our view is that the price setting marginal tonne (for copper) a decade hence will come from either a lower grade brownfield expansion in a lower risk jurisdiction, or a higher grade greenfield in a higher risk jurisdiction. Neither source of metal is likely to come cheaply. Under an optimistic but not extravagant demand case, we estimate that the cumulative industry wide capex bill out to 2030 could be close to a quarter of a trillion dollars."
So a quarter of a trillion just on new supply is needed !! Will this happen ? Very good question.
History says it won't happen smoothly.
Cheers
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